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GBP / USD is recovering due to weaker dollar

The GBP / USD pair is showing positive dynamics today due to the weakening of pressure from the dollar.

 

At the beginning of the European trading session, the US dollar began to lose ground across the entire spectrum of the market. The dollar index moved into the red trading zone. The GBP / USD pair got an opportunity for an upward correction.

 

Despite the local growth, the medium-term prospects for the development of the upward movement for the GBP / USD pair remain limited due to the high uncertainty in the development of the British economy and high expectations of monetary policy easing by the Bank of England. As early as next month, the regulator may reduce the interest rate by 0.10% and expand the asset repurchase program. These actions by the Central Bank will inevitably lead to a weakening of the pound sterling.

 

There is no important news in the economic calendar of the USA and Great Britain today.

 

A pullback movement is developing on the chart. The currency pair is testing an important local resistance level of 1.3555. Breakdown of this level will open the way for further growth towards the level of 1.3625. A downward reversal is a signal to decline in the direction of 1.3410.

 

  • Resistance levels: 1.3555, 1.3625, 1.3700;

 

  • Support levels: 1.3480, 1.3410, 1.3285.

 

The main scenario is a breakdown of resistance at 1.3555 and an increase to 1.3625

 

An alternative option is a decline from current levels in the direction of 1.3410.

 

The current fundamental outlook is moderately negative. We consider shorts from the level of 1.3625.

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