The British pound had developed a sharp momentum vs the US Dollar recently, amid a banking crisis in the US and the situation around Silicon Valley Bank. After that, the greenback had regained some strength against European currencies, as the banking crisis started to spread to Europe too with a spectacular drop of shares of Credit Suisse bank and surrounding talks.
Even though some “flight-to-safety” and migration to the US dollar is visible across the board, GBPUSD may be still inside of a bullish swing, as the intermediate-term chart formation was broken to the upside couple of days ago.
The price of GBPUSD is located around a trendline, separating a chart formation below and the current short-term consolidation area. The balancing activity around 1.2040 was quite extended, and it won’t be surprising to see a continuation of a bullish swing as shown at the chart.
Even though some “flight-to-safety” and migration to the US dollar is visible across the board, GBPUSD may be still inside of a bullish swing, as the intermediate-term chart formation was broken to the upside couple of days ago.
The price of GBPUSD is located around a trendline, separating a chart formation below and the current short-term consolidation area. The balancing activity around 1.2040 was quite extended, and it won’t be surprising to see a continuation of a bullish swing as shown at the chart.