GBP/USD Forecast: neutral short term, bearish potential intact
|The GBP/USD pair remains in consolidative mode this Monday, hovering around the 1.2200 figure. The UK PM, Theresa May, is hosting a Brexit summit with Scottish, Welsh and Northern Irish governments today, and the headlines out of it may affect the Pound later today. The UK will release a minor industrial report later today, although data coming from the US will be more relevant when it comes to move the pair, given that America will offer a couple of FED's speakers and the October preliminary Markit manufacturing PMI.
Technically, the 4 hours chart presents a neutral stance, given that the price is confined within a tight range and below a directionless 20 SMA, while technical indicators, despite heading modestly higher, hold within bearish territory.
A steady recovery beyond 1.2260 on dollar's weakness, can see the pair advancing up to 1.2300/30, although selling interest around this last will likely contain the pair. Below 1.2190 on the other hand, the risk is towards the downside, with the next supports and probable bearish targets at 1.2145 and the 1.2100 figure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.