GBP/USD Forecast: Pound remains supported by lockdown easing announcements
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERGBP/USD Current price: 1.4180
- UK’s Prime Minister spokesman reaffirmed the kingdom is on its way to ease lockdown.
- The UK will publish on Tuesday the May BRC Like-For-Like Retail Sales, previously at 39.6%.
- GBP/USD is neutral-to-bullish in the near-term, could re-test the year’s high at 1.4250.
The GBPUSD pair trades around 1.4180 as the US session comes to an end, holding on to most of its intraday gains. The pair advanced on the broad dollar’s weakness witnessed during US trading hours, the echoes of the poor US employment report published last Friday. As for the pound, it found support in comments from the UK’s Prime Minister spokesman, who said that nothing in current data would prevent easing the lockdown. Also, the UK health secretary said: "the majority of people in hospitals with COVID appear to be those" who haven't been fully vaccinated.
The UK did not publish macroeconomic figures, but early on Tuesday will release the May BRC Like-For-Like Retail Sales, previously at 39.6%.
GBP/USD short-term technical outlook
The GBP/USD pair keeps seesawing within familiar levels, although at the upper end of its latest range, trading not far from this year´s high at 1.4250. In the near-term, the risk is skewed to the upside, as in the 4-hour chart, the pair has advanced above all of its moving averages, while technical indicators recovered into positive ground. The bullish potential, however, seems limited as moving averages lack directional strength while technical indicators offer modest bullish slopes.
Support levels: 1.4110 1.4070 1.4020
Resistance levels: 1.4200 1.4250 1.4290
GBP/USD Current price: 1.4180
- UK’s Prime Minister spokesman reaffirmed the kingdom is on its way to ease lockdown.
- The UK will publish on Tuesday the May BRC Like-For-Like Retail Sales, previously at 39.6%.
- GBP/USD is neutral-to-bullish in the near-term, could re-test the year’s high at 1.4250.
The GBPUSD pair trades around 1.4180 as the US session comes to an end, holding on to most of its intraday gains. The pair advanced on the broad dollar’s weakness witnessed during US trading hours, the echoes of the poor US employment report published last Friday. As for the pound, it found support in comments from the UK’s Prime Minister spokesman, who said that nothing in current data would prevent easing the lockdown. Also, the UK health secretary said: "the majority of people in hospitals with COVID appear to be those" who haven't been fully vaccinated.
The UK did not publish macroeconomic figures, but early on Tuesday will release the May BRC Like-For-Like Retail Sales, previously at 39.6%.
GBP/USD short-term technical outlook
The GBP/USD pair keeps seesawing within familiar levels, although at the upper end of its latest range, trading not far from this year´s high at 1.4250. In the near-term, the risk is skewed to the upside, as in the 4-hour chart, the pair has advanced above all of its moving averages, while technical indicators recovered into positive ground. The bullish potential, however, seems limited as moving averages lack directional strength while technical indicators offer modest bullish slopes.
Support levels: 1.4110 1.4070 1.4020
Resistance levels: 1.4200 1.4250 1.4290
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.