- The GBP / USD forecast shows a permanent decline after poor GDP in the UK.
- Trump announced 30% tariffs on the eurozone and Mexico.
- This week, the US CPI report will form outlook to reduce rates.
GBP / USD Forecast shows a permanent decline after the United Kingdom published data on BIDP GDP on the previous session. At the same time, Monday is Monday Monday after Trump announced new tariffs over the weekend. Meanwhile, market participants are preparing for the US CPI CPI report.
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Pound fell on Friday after the data revealed that the UK economy has contracted by 0.1%. Meanwhile, economists predicted a spread of 0.1%. This was another contraction in a row, raising concerns about the state of the economy. At the same time, it adds pressure to the English bank to reduce costs for lending and encourage economic growth.
By the way, Trump announced 30% of tariffs on the main US trading partners on Saturday. Eurozone and Mexico suffer this tall left unless there is a trade job before the deadline. August. The American president has already threatened greater tariffs for other countries like Brazil, Canada, Japan and South Korea. However, his recent threats had little impact on financial markets.
At the same time, Trump continued to attack the Fed Powell chair, asking him to deviate if he could not lower the borrowing costs. This week, the US CPI report will form outlook to reduce rates. The declining report would increase the likelihood of increasing the value of the supply rates in September.
GBP / USD Key events Today
The market participants do not expect any key economic editions from the United Kingdom or the United States. Therefore, releases on Friday will continue to vary.
GBP / USD technical bag: Medi Eye 1,3400 support
On the technical page, the price of GBP / USD made new drops after breaking below the solid resistance zone. Initially, bears paused above the key levels 1,3601 and a 0.5 FIB retreea level. The price is consolidated until the 30ths are grabbed. In the end, the bears gained enough momentum to violate the support zone.
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After a break, the price dropped in the sharp leaving below 30ths. At the same time, the RSI was sunk in a cover, proposing a solid bear momentum. Given strong bears of bias, the price could soon reach the level of 1,3400. However, there may be a break before the injuries continues. The break below the level 1,3400 would solidify the bear bias.
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