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GBP/USD forex signal - BOE's Governor Carney speech - 02 Mar 2018

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It is a busy day for the markets today, especially as far as the British pound is concerned. We expect to see some volatility creep into the currency as some important economic events is lined up. The day starts off with the British Prime Minister Theresa May making a speech. The scheduled event comes on the back of the ongoing Brexit negotiations.

Although no specific deal has been reached, officials on both sides are still lobbying in an effort to clinch a deal. EU officials have however remained firmed on the expectations. The speech from the British Prime Minister will no doubt impact the British pound.

Following the speech, the UK's construction PMI is expected to be released at 0930 GMT. The construction PMI will cover the construction activity in the UK for the period of February. The data is expected to show a modest increase from 50.3, compared to January's 50.2 reading.

Later in the day, the Bank of England Governor, Mark Carney will also be making a speech. This could add to further speculation on the markets as Carney's speech is scheduled for the same day as the British PM Theresa May. The British pound was seen trading weaker over the past couple of days.

Based on the above, the forex signal of the day is GBPUSD. The currency pair was seen closing with some modest gains following the strong declines from the past few days. This could potentially suggest an upside momentum in prices.

Therefore, we are looking to go long on GBPUSD on a retracement to 1.3771 with stops at 1.3708 while targeting the upper resistance level at 1.3902. We expect some volatility in GBPUSD but the currency pair could be seen closing higher on the day.

forex signal gbpusd 02 mar 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.