Bottom line: GBPUSD long to medium term outlook continues to remain bullish until prices stay above 1.1414 mark. A corrective drop towards 1.2350/1.2400 remains possible in the short term, before rally resumes towards 1.3200 levels.
Fundamental Outlook:
GBPUSD managed to gain last week and managed to touch 1.2640/50 mark before pulling back. With no major event risk until Thursday, the currency pair may continue to move range bound between 1.2300 and 1.2600 respectively. In the immediate short term GBPUSD might come under pressure as US Dollar might gain amidst a trade war between US and China.
FTSE had managed to rally towards the 6200 mark along with Global Indices, until Friday reversal. The indice would be taking cues from Bank of England meeting on interest rates this Thursday. The BoE is expected to follow footsteps of Fed and ECB in keeping rates unchanged. FTSE might come under pressure as Global Recession looms ahead.
EURUSD had gained last Friday primarily after the European Central Bank left interest rated unchanged. The EURO closed the week higher as bulls managed to push through the 1.1000 mark. The bullish sentiment is expected to continue as ECB remains committed for further measures to counter economic impact caused due to COVID-19 pandemic.
Technical Analysis:
GBPUSD bulls continue to remain in control as they print yet another high around 1.2650 levels last week. A corrective drop towards 1.2350/1.2400 levels should be seen as an opportunity as traders might prepare to initiate fresh long positions. Bulls might be targeting above 1.3200 levels in the near term.
Major resistance is seen towards 1.3515 levels, the December 13, 2019 high and a break higher would indicate that bulls are here to stay for long. Structurally, a major bottom might have formed at 1.1414 levels on March 20 and that GBPUSD bulls might remain in control for next several months to come.
Prepared by
Harsh Japee, Technical Analyst.
GBPUSD Chart
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