It was already known that many instruments increased against the US dollar on Friday amid the news background. The GBP/USD pair is no exception. The Bank of England did not keep the price of the pound below the banking level.
Today, the GBP/USD pair is trading above the banking level, which indicates that the bullish momentum will most likely continue. The upward target is the level of 1.3853 and favorable purchase prices are located at yesterday's lows of the European session.
Trading in an upward direction has a number of advantages. A favorable risk-to-profit ratio is a basis for building a trading plan. On August 27, the "absorption" pattern of the daily level was formed, so the probability of updating the weekly maximum is 80%.
At the moment, it is not necessary to talk about long-term growth prospects since the general dynamics of major pairs are inclined downward. Nevertheless, it is possible to partially leave the purchase with its transfer to breakeven in case of a change in the benchmark in the autumn market.
The material has been provided by InstaForex Company - www.instaforex.com