GBP/USD: outlook for August 25 - September 1

GBP/USD: outlook for August 25 - September 1

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.





Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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