GBP/USD Weekly Forecast - 23 July - 27 July

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Monday, Jul 23 2018

GBP/USD Weekly Forecast - 23 July - 27 July

The GBP/USD pair quickly reversed an early European session dip to 1.3113, albeit continued with its struggle to make it immediate barrier near mid-1.3100s.

Despite a bearish development, wherein the EU leaders rejected the UK PM Theresa May's current Brexit plan, the pair continued gaining positive traction at the start of a new trading week and was supported by a follow-through US Dollar selling bias.

The US President Donald Trump's comments on Friday, showing displeasure over the Fed's monetary tightening and the recent dollar strength, kept the USD bulls on the defensive and helped the pair to build on last week's goodish rebound from YTD lows.

The bullish momentum, however, lacked any strong conviction, with easing USD bearish pressure capping the pair near a confluence resistance comprising of 200-hour SMA and 50% Fibonacci retracement level of the 1.3363-1.2957 recent downfall.

Hence, it would be prudent to wait for a follow-through buying interest before committing to any further appreciating move. Today's US economic docket, featuring the release of existing home sales data might provide some short-term impetus ahead of the BoE Deputy Governor Ben Broadbent's scheduled speech later during the New-York trading session.

More in this category: « AUD/USD Weekly Forecast - 23 July - 27 July EUR/USD Weekly Forecast - 23 July - 27 July »

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