Pound Sterling Price News and Forecast: GBP/USD is still at risk of falling further
|GBP/USD bears eye a downside extension to test bull's commitments
GBP/USD maintains the bid at the start of the week, holding in at support as defined by the prior resistance. Cable is trading up some 0.3% at the time of writing, having travelled between a range of 1.3668 and 1.3776 the high so far. GBP has struggled this month so far and long positions have dropped to their lowest level since February.
GBP/USD Forecast: UK’s economic reopening underpins sterling
The GBP/USD pair bounced nicely from an intraday low of 1.3668 to reach a daily high of 1.3776 during London trading hours. The pound benefited from a new phase of economic reopening in the UK as the country reopened pubs, restaurants and in general, non-essential retailers, In the absence of another catalyst. The UK will publish this Tuesday the March Trade Balance and February Industrial Production, this last, foreseen up by 0.5% MoM. The UK will also release February Gross Domestic Product, foreseen at 0.6% MoM, up from -2.9% in January.
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