GBP/USD: outlook for August 25 - September 1

GBP/USD: outlook for August 25 - September 1

2019-11-11 • Updated

GBP/USD made another break to the downside. It fell below the 100-day MA (1.2875) and 1.2850 and hit a near-two-month low.

The outlook for the British pound is still clouded by concerns about Brexit risk and economic fundamentals. Data showed revised quarterly growth of 0.3% in the second quarter, while household spending remained weak.

The British government is trying to move forward formal Brexit discussions. There was a series of position papers outlining potential compromises over key issues. However, the nation’s future still remains very uncertain.  

The UK economic calendar will be light. Monday is a summer bank holiday, so trading volumes will decrease. The most important release – manufacturing PMI – will come out on Friday.

Technical picture continues to look bearish. The next Fibonacci level of June-August advance is at 1.2735. Below it, support will be at 1.2650 (200-day MA). Pullbacks to the upside will meet resistance at 1.2850 and 1.2930 ahead of 1.3000.

GBPUSDDaily.png

Similar

Pound Sterling’s Foggy Future
Pound Sterling’s Foggy Future

Weaker recoveries were seen in both the UK manufacturing and service sectors, with the latter recording the greatest loss of momentum since July.

Latest news

Walmart earnings outlook
Walmart earnings outlook

Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?

What to trade on May 16-20?
What to trade on May 16-20?

Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera