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Abstract:The GBP/USD price outlook is bullish as the US dollar is consistently losing ground after Powell’s speech. However, the rise in Covid in the UK may hamper the gains.
The GBP/USD price outlook is bullish as the US dollar is consistently losing ground after Powells speech. However, the rise in Covid in the UK may hamper the gains.
The GBP/USD exchange rate rose during the Asian trading session on Monday. Although the pair opened lower, it traded higher due to a broad dollar sell-off.
In a speech last week, Fed Chairman Powell said the central bank was likely to start tightening before the end of this year. However, there will be no change in the Feds current trading range until the economy reaches maximum employment and inflation.
A major effort is underway from the UK government to fight the chaos of Brexit, so they have rejected requests by a logistics trade body to temporarily relax immigration rules after Brexit due to the threat of shortages of truck drivers and other serious disruptions. Each link in the supply chain contributes to the process.
To gauge market sentiment, investors are waiting for the US home sales statistics.
GBP/USD Price Technical Outlook
The GBP/USD pair fell to the broken trend channel resistance turned support and is again rising towards the 1.3800 area (200-period SMA on the 4-hour chart). The congestion of 20/50 SMAs on the same chart at 1.3732 also continue to support the upside.
The average daily range is so far 40%. The volume is slowly declining for the last few bars. This is a hurdle for the bulls. Otherwise, the Pound bulls look healthy to acquire 1.3800.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
On Wednesday, November 17, we expect movement inside the channel, limited by the levels of 1.3346 and 1.3508.
Today the GBP/USD pair downward trend continues. Therefore, in case of overcoming the level of 1.3517, the downward movement may continue with the next target of 1.3424.
The British Pound marked a third consecutive weekly decline against the US Dollarthis week with GBP/USD nearly 0.5% to trade at 1.3671 ahead of the close of US trade on Friday.
GBP/USD remains on the back foot around monthly low. Downside break of two-month-old support, bearish MACD favor sellers. 200-day EMA adds to the upside filters, 61.8% Fibonacci retracement offers extra support.