GBP/USD Outlook (24 September 2021)
ByJin Dao Tai
SEP 24, 2021
Overall, GBP/USD is ranging across. Recently, GBP/USD strengthened and broke above the key level of 1.37.
The UK flash PMI data released yesterday indicated a slowdown in business activities in August due to the ongoing supply-chain disruption and declining demand.
- Flash Manufacturing PMI (Actual: 56.3, Forecast: 59.0, Previous: 60.3 revised from 60.1)
- Flash Services PMI (Actual: 54.6, Forecast: 55.0, Previous: 55.0 revised from 55.5)
During the monetary policy meeting yesterday, the Bank of England (BoE) kept its monetary policy unchanged while no announcement on quantitative easing (QE) tapering was made. However, two committee members voted for a reduction in asset purchase as opposed to the forecast of one member, indicating a progression toward QE tapering. The central bank also revised down its third-quarter GDP from 2.9% to 2.1% amid the ongoing issue of supply constraints on output.
GBP/USD’s next support zone is at 1.36000 and the next resistance zone is at 1.38000.
Look for short-term buying opportunities of GBP/USD.
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