GBP/USD Daily Price Forecast – The Cable Bears Caged Ahead of UK March Public Sector Net Borrowing Figures

On the Brexit front, matters remain chaotic. Conservative party members concentrate on bringing down the current PM, and they focus less on solving the Brexit. Cross-party talks are still ongoing with less/no progress. On the Technical side, sentiment remains bearish.
Nikhil Khandelwal

The GBP/USD pair rang the Wednesday opening bell near 1.2937 levels. The pair had maintained a comfortable tone near 1.1300 levels for quite some time. The primary reason for the silent sessions was the long Easter Break. The MPs just arrived at the House yesterday and resumed talks on Brexit.

Nevertheless, things continue to stay uncertain on the Brexit front. The Conservatives are more focussed on getting UK PM May ousted, instead of on Brexit. Senior Conservative backbencher Nigel Evans called on Mrs. May to announce her resignation to allow a contest to choose her replacement to begin “straight away”. Amidst nuisances, May plans to come again for a fourth Brexit voting session on her Withdrawal deal.

On the other hand, cross-party talks run out of schedule as May is already fuzzed up with her party issues. The Labour Party Leader Corbyn completely disagree on going with the recapitulated May’s deal without any change. He highlights that the deal to get approved must undergo the required modifications.

From today, there are 191 days left for the new Brexit date of October 31, 2019. Within this period, the House is expected to meet for at least 70 days.

The Wednesday Economic Calendar weigh less with UK and US significant events. Hence, there are fewer chances of any radical movement in the pair from this front.

GBP/USD Impacting Event

There is only one single UK event lined up for the today expected to leave some milder effect on the pair’s movements.

08:30 GMT

The National Statistics, UK will issue the March Public sector Net Borrowings. This report will provide information about the final borrowings derived after deducting the principal amount on loans. The consensus estimates are bullish in their numbers. They expect the deficit to improve with 39 percent and come around a negative 0.400 billion pounds.

Technical Analysis

GBPUSD 60 Min 24 April 2019

The GBP/USD pair drift near the lowest vicinity of the month data. The pair traded sustaining in the lower channel of the Bollinger Bands (BB). This position calls for a bearish stance. And, it is quite noticeable that the pair is mimicking the same performance since last few sessions. The BB channel width is expected to remain contracted showing low volatility for the day. The Relative Strength Index (RSI) remained capped under 40 levels, revealing a vile investor interest.

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