GBP/USD Weekly Forecast: Can growth prospects beat bears' technical stranglehold? US data eyed
Three top-tier UK releases, three higher than estimated results. Alongside an improved market mood that somewhat weighed on the dollar, GBP/USD has been able to find a bottom. The focus is firmly on US data, but also Brexit and covid headlines are set to move cable. GBP/USD has been able to recover from the lows amid upbeat UK data. A jam-packed US calendar ahead of Black Friday and Brexit headlines will set the tone. Mid-November's daily chart is showing bears remain in control. The FX Poll is pointing to short-term losses and gains further down the line. Read more...
GBP/USD rebounds above 1.3400, holds onto modest weekly gains
The GBP/USD pair rose during the American session and recovered from 1.3406 to the 1.3470 area, trimming losses. The recovery pushed the weekly result back into positive ground. Again cable found support at the 1.3400 area that has become a critical level. A break lower could trigger more losses, exposing the November low at 1.3351. The recovery faced resistance around 1.3500/10. The bearish bias will likely remain intact while under 1.3600. Read more...
|Today last price||1.3471|
|Today Daily Change||-0.0028|
|Today Daily Change %||-0.21|
|Today daily open||1.3499|
|Previous Daily High||1.3514|
|Previous Daily Low||1.3464|
|Previous Weekly High||1.3607|
|Previous Weekly Low||1.3353|
|Previous Monthly High||1.3834|
|Previous Monthly Low||1.3434|
|Daily Fibonacci 38.2%||1.3495|
|Daily Fibonacci 61.8%||1.3483|
|Daily Pivot Point S1||1.3471|
|Daily Pivot Point S2||1.3443|
|Daily Pivot Point S3||1.3421|
|Daily Pivot Point R1||1.352|
|Daily Pivot Point R2||1.3542|
|Daily Pivot Point R3||1.357|
GBP/USD Forecast: Brexit stays in the way of an extended rebound
GBP/USD has lost its bullish momentum near 1.3500 on Thursday but continues to trade above the ascending trend line coming from November 12. Although the technical outlook suggests that the pair could continue to push higher, buyers could remain hesitant while waiting for fresh Brexit developments. The data published by the UK's Office for National Statistics revealed on Friday that Retail Sales rose by 0.8% on a monthly basis in October. This reading came in better than the market expectation of 0.5% and helped the British pound gather strength in the early European session. Additionally, September's print got revised higher to 0% from -0.2%. Read more...
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