GBPUSD is Likely to Rise
Most traders may believe that the Pound is doomed and will never recover. This belief stems from the rise of the US Dollar, loose monetary signals from the Bank of England (BoE), and the expected easing of inflation in April. Although labour market data indicates to some improvement in the conditions of the UK economy, I expect the Pound to surge to 1.28. We can see it on the weekly chart, where the 200 period EMA is located, which is the strongest resistance. In terms of timing, I expect the start of an upward movement by May 24, when inflation data for the UK will be released. But the market is very speculative, even though volatility is falling, it is better to look for the 1.25 level for GBPUSD to open long trades. In the alternative scenario, the Pound may go down to 1.2280 from the current level of 1.2450.
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