GBP/USD outlook mixed ahead of US Data
GBP/USD under pressure with the current correction limited to support at 1.3890.
A breach of support would see the bulls lose momentum & change the positive outlook.
Rising US yields are increasing the demand on the safe haven Dollar as investors switch to risk off.
UK political uncertainty also a worry for potential buyers & may cap the further gains.
In the opposite direction the momentum remains to the upside & optimism around the re-opening of the UK economy should keep the Pound Bid.
RSI outside overbought conditions on the 4hr & price is trading above 50,100 & 200 MA all positive signs.
We may see some dip buying but investors may wait until US Unemployment Claims data at 12.30pm, expect an increase in volatility.
If price manages to breach 1.4000 I expect to see bulls push price towards February highs at 1.4200.
Support: 1.3890 - 1.3855
Resistance: 1.3950 - 1.4000
A breach of support would see the bulls lose momentum & change the positive outlook.
Rising US yields are increasing the demand on the safe haven Dollar as investors switch to risk off.
UK political uncertainty also a worry for potential buyers & may cap the further gains.
In the opposite direction the momentum remains to the upside & optimism around the re-opening of the UK economy should keep the Pound Bid.
RSI outside overbought conditions on the 4hr & price is trading above 50,100 & 200 MA all positive signs.
We may see some dip buying but investors may wait until US Unemployment Claims data at 12.30pm, expect an increase in volatility.
If price manages to breach 1.4000 I expect to see bulls push price towards February highs at 1.4200.
Support: 1.3890 - 1.3855
Resistance: 1.3950 - 1.4000
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