GBP/USD Forecast: Battling with the critical 1.3000 level
The GBP/USD pair flirted with the 1.3000 level, retreating just modestly from it ahead of the US Federal Reserve announcement, only to surpass it afterwards. Market players had no reasons to buy the dollar as the coronavirus numbers continue to suggest the economic downturn in the country has not yet reached a bottom.
Market players have continued to ignore Brexit-related headlines that paint a gloomy picture for the UK. Despite both parts are committed to reaching a deal, they have failed miserably in finding common ground within discussions. Meanwhile, the UK BRC Shop Price Index came in at -1.3% in June, following a -1.6% reading in the previous month. Consumer Credit in the same period beat expectations, printing at £-0.086 B. The UK won’t release macroeconomic data this Thursday.
GBP/USD short-term technical outlook
The GBP/USD pair retreated from its daily high but trades around the 1.3000 price zone after the dust settled, anyway poised to continue rallying. The overall positive stance persists, given that, in the 4-hour chart, the pair continues to develop well above bullish moving averages. Technical indicators may have lost their positive momentum but remain well above their midlines, in line with another leg north coming up next.
Support levels: 1.2940 1.2885 1.2830
Resistance levels: 1.3000 1.3045 1.3090
https://www.fxstreet.com/analy...
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.