- Outlook GBP / USD shows a dollar near the five-week weak role on reducing the feed rates.
- The preliminary reading of GDP revealed that the American economy has spread by 3.3%.
- The pound remains vulnerable in the middle of fiscal concern in the UK.
GBP / USD Outlook shows a dollar near the 5-week low as traders pricing 90% chance of reducing the lower part of this month. This allowed func to remain stable despite fiscal worries in the UK. However, caution is a justifiable crucial report on nepharm nepharms, which could change this view.
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The comments of the Fed officials last week have discovered more than a wind tone, and some show trust that the Central Bank will reduce the rate this month. As a result, bets for reducing rates remained elevated despite some opinion economic data.
Pretty, the preliminary reading of GDP revealed that the American economy was expanding by 3.3%, greater than a forecast of 3.1%. Meanwhile, the claims for the unemployed fell more than expected. However, traders still appreciate 90% chance of cutting later in the month.
Padua employment report could revive expectations for a larger price of 50 BPS. On the other hand, the Sale Report would reduce the expectations to reduce the course.
Meanwhile, the function remains vulnerable in the middle of fiscal concern in the UK. Last week, bank banks in the UK decreased as if they were rose yields in the middle of concern about the country’s financial situation. These concerns will probably continue to put pressure on the currency in the UK.
GBP / USD Key events Today
Participants in the market do not expect that economic editions of high impact from the US or Great Britain are. Therefore, the couple could slowly begin the week.
GBP / USD Technical Outlook: Bulls struggles to keep above 30ths
On the technical side, GBP / USD price trades above 30ths, with RSI above 50, suggesting a bikova bias. However, the price remains trapped between the level of support of 1,3401 and level resistance to 1,3575. Although the bulls showed strength, they struggle to separate from the 30-day SMA.
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The bulls started strengthening when the price met the support zone containing 0,382 levels and level 1,3401. However, the price continued to cut through SMA, indicating a corrective move. If the bulls do not receive momentum to cause an impulsive move, bears could return control at the nearest resistance level.
Currently, the price approaches the resistance of 1,3575. The above break would strengthen the Bikovska bias. On the other hand, if the level holds the company, the bears could take over.
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