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GBPUSD : Investors Speculating Interest Rate Increase

(GBPUSD : 4 Hour Chart)

GBPUSD is surging under the impression that BOE will increase interest rates sooner than expected as BOE Governor Mark Carney mentioned. BOE is also monitoring the labor market closely and in the official report released on Wednesday last week showed that the U.K. unemployment rate fell to 5 year low of 6.6% in three months till April. The pair might surge more but the concerns over tensions in Iraq continue to weigh on the market sentiment and we can see that it fell from 1.7009. The nearest support the pair may find is at 1.6942. Moving averages are also giving a bullish signal as 50 day SMA has crossed 100 day SMA and is moving towards 200 day SMA to cross above which will confirm the uptrend.

(GBPUSD : Daily Chart)

On the Daily Chart, all moving averages (50 day,100 day and 200 day SMAs) are moving in the same direction signaling an uptrend continuation.