GBPUSD: There is about to test 1,2510
Hello everyone!
GBPUSD is trading higher in today's session despite a lack of upward momentum, currently reaching the level of 1.241.
Regarding news and conclusions:
The British pound (GBP) seems poised for a new upward trend as market sentiment favors risk-sensitive assets. The GBP/USD pair is aiming for higher price levels as investors hope that the policy divergence between the Federal Reserve (Fed) and the Bank of England (BoE) will not widen further, as both institutions have enough constraints to ensure price stability.
The next move for the British pound may be guided by the third-quarter Gross Domestic Product (GDP), which will be released later this week. Economists predict a slight contraction in Q3 GDP as UK companies have significantly reduced their workforce and inventory due to weak demand conditions. Business investment is expected to remain lower in the quarter from July to September as companies postpone capacity expansion plans to avoid higher borrowing costs.
Alexia's trend analysis:
From a short-term perspective, the excessively prolonged recovery phase seems to have occurred. However, as long as GBP remains above 1.2245 (a strong support level), it could potentially rise above 1.2430 and reach the main resistance level at 1.2510.
GBPUSD is trading higher in today's session despite a lack of upward momentum, currently reaching the level of 1.241.
Regarding news and conclusions:
The British pound (GBP) seems poised for a new upward trend as market sentiment favors risk-sensitive assets. The GBP/USD pair is aiming for higher price levels as investors hope that the policy divergence between the Federal Reserve (Fed) and the Bank of England (BoE) will not widen further, as both institutions have enough constraints to ensure price stability.
The next move for the British pound may be guided by the third-quarter Gross Domestic Product (GDP), which will be released later this week. Economists predict a slight contraction in Q3 GDP as UK companies have significantly reduced their workforce and inventory due to weak demand conditions. Business investment is expected to remain lower in the quarter from July to September as companies postpone capacity expansion plans to avoid higher borrowing costs.
Alexia's trend analysis:
From a short-term perspective, the excessively prolonged recovery phase seems to have occurred. However, as long as GBP remains above 1.2245 (a strong support level), it could potentially rise above 1.2430 and reach the main resistance level at 1.2510.
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