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There’s seldom a single opinion among different analysts. However, this time the views on the prospects of the British pound versus the US dollar are mostly the same. We have read the news and put this all together for your.
JP Morgan thinks that GBP/USD has settled above 1.30. If this support holds, the pair will aim to 1.3280/90. In this area, there’s a significant resistance, says JPM.
Analysts at Lloyds Bank point out that Britain has released some positive economic figures so far, so GBP/USD will likely stay between 1.3050 and 1.3285 in the near term. The bank is cautious about the further upside: to be sure that the pair is able to retest 1.3385 and 1.3515, it has to break above 1.3285. Otherwise, it will risk sliding to 1.2800-1.2700.
Technical analysis provided by Commerzbank offers the same resistance level: 1.3285. The initial resistance is at 1.3175 (minor downtrend). On the downside, a decline below 1.2908 will open the way down to 1.2690 (200-day MA).
Analysts at Thomson Reuters claim that GBP/USD can rise as high as to 1.50 if foreign demand for UK stocks grows this year. British stocks used to underperform, but things may change after Boris Johnson’s victory in the recent election. BNY Mellon, however, reminds that the GBP will still be exposed to big risks related to the UK-EU negotiations this year.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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