GBP/USD Trading Analysis and Forecast
GBP/USD is currently consolidating within a narrow 30-pip range, with potential volatility on the horizon due to upcoming US economic data releases.
US Economic Data Releases
The US CPI and PPI data releases scheduled for Thursday and Friday could lead to increased market movements and impact the medium-term outlook for GBP/USD.
Technical Outlook
From a technical perspective, USD bulls have the upper hand in the medium term, but a short-term bounce in GBP/USD is a possibility.
Market participants are closely watching for any potential breakouts in the GBP/USD pair, as recent data releases and central bank actions have influenced market sentiment.
US Economic Calendar
This week’s economic calendar includes key events like the Fed minutes release, US CPI, and PPI data, which could provide insights into the future direction of GBP/USD.
Technical analysis suggests potential resistance levels for GBP/USD at 1.31050, 1.3143, and the 200-day MA at 1.3200, while support levels are anticipated around the 1.3040 and 1.3000 handles.
Overall, the medium-term outlook favors USD bulls, but short-term movements in GBP/USD remain uncertain.
Disclaimer:
This content is for general informational purposes only and should not be considered as investment advice. Opinions expressed are independent and do not reflect those of any specific entity. For more information, visit the official MarketPulse website.
Source : www.marketpulse.com