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GBP/USD Daily Price Forecast – Cable Linger Near 1.3105 Resistance Level Ahead Of Haskel’s Speech

The pair continues to follow a downward rally since the start of April in the middle of Brexit chaos. The greenback bulls await the NY April Manufacturing Index.
Nikhil Khandelwal
Close Up/Macro Study of Various British Sterling Paper and Polymer Bank Notes

After the massive fall on April 12 from near 1.3132 levels, the cable had found some support near 1.3068 levels. The GBP/USD remained consolidated for quite some period. The pair continued shifting to the upward direction gradually on the back of pair-moving economic events.

On this first day of the week, the pair was down in the early Asian session but started retreating later. The GBP/USD had gone 0.20 percent up from 1.3080 level breaching the strong 1.3102 resistance line. This great upper break off movements in the cable signals for some strong bullish stance in the coming sessions.

On the release front, there are no substantial economic events lined up today that could have moved the GBP/USD. Jonathan Haskel, the Monetary Policy Member of Bank of England (BoE) will put forward some valuable monetary comments. Haskel will deliver the speech near 16:00 GMT at the Royal Economic Society Annual Conference, London. He is expected to provide a dovish stance on Brexit thereby adding more pain to the pair.

The pessimism revolving around Brexit chaos keeps the GBP/USD unsettled. Though the House of Commons is on leave on account of Easter Recess, speculative Brexit negative headlines unnerved investors. The UK Parliament will commence office from April 23. Cross-party talks remain tangled, as Jeremy says that Brexit may continue delaying unless May considers the Customs Union issue.

The US NY Empire State Manufacturing Index for April is scheduled at 12:30 GMT. The market expects the index to come around 6.0 points, 2.3 points above the prior 3.7 points. If the index reports an above-the-consensus number, then it can significantly hurt the already beaten cable amid USD Index upsurge.

Technical Analysis

GBPUSD 60 Min 15 April 2019

GBP/USD recently attempted to break the strong 1.3116 resistance level but failed to have a breakthrough. The cable holds and continues a negative trend since the start of April. However, the pair drifted most of the times in the upper bound region of the Bollinger bands (BB). GBP/USD remained consistently near the Exponential Moving Average (EMA) showing a lack of firm decisions. The BB remained often compressed showing lower volatility in the past couple of days. The Relative Strength Index (RSI) revealed some mediocre trading momentum statistics. On the technical front, there remains some hidden energy in the pair, but afloat fundamentals take on the game.

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