Forex Daily Analysis : February 17, 2021

The daily forex analysis on February 17, 2021 this time will discuss the Pound Sterling against the US Dollar on Tuesday (February 16, 2021) yesterday moved weaker, the weakening of the Pound Sterling was due to profit taking actions carried out by investors after previously experiencing an increase. Previously, the strengthening of the pound was due to the massive Covid-19 virus vaccination efforts by the British government and the reduction in the number of Covid-19 sufferers over the past few years. In addition to these reasons, the weakening of the British currency occurred due to the strengthening of the US Dollar. The greenback has bounced back from its weakness over the past few days. The rise of the US dollar due to the picture of the US economic recovery will be faster than other countries in the world. This has made the yield of US bonds with a tenor of 10 years increase. The yield on US bonds with a tenor of 10 years has risen quite well over the past few days. On the one hand, market optimism for the recovery of the US economy has made market participants shift one of their investment instruments from safe haven assets such as bonds to other risk assets. In addition, the prediction of a faster-than-expected increase in the US inflation rate also contributed to raising the value of US bond yields. The US Dollar rebound movement began to be seen since yesterday's trading activities, as a result of a statement from one of the Fed officials "James Bullard" that he is one of the members of the St. Louis state FOMC who has a hawkish tone, he thinks that currently the American economy is in good condition and will continue to rise and recover from the impact of the Covid-19 pandemic. The prospect of a recovery in the US economic rate, which drove up long-term bond yields, has weakened other major currencies. However, the most affected is the Yen. The Japanese currency has weakened the most and is at a 4-month low against the Greenback. Although the Yen is both safe haven currencies, the US Dollar currently looks more attractive to investors compared to the Yen. This is due to rising US bond yields.

Forex Daily Analysis Predictions

Today's FOREX prediction on the GBPUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 1.38600. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on February 17, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.