GBP/USD has been in a non-volatile bearish trend recently and currently residing below the resistance level of 1.3220. There has been some tension growing about the Brexit process and Prime Minister May is going through tough times. Moreover, No-deal Eurozone talk is expected to hit the UK economy badly and lead to further weakness of Pound against USD in the coming days. Yesterday, GBP Manufacturing Production report was published with an unchanged figure of 0.4% which was expected to be decreased to 0.2%, Goods Trade Balance report was published with an increased deficit of -14.2B from the previous figure of -12.8B which was expected to show less deficit to -11.4B, Construction Output report was published with an increase to 0.6% from the negative value of -1.0% which was expected to be at 0.0% and Industrial Production report was published as expected at 0.2% which decreased from the previous value of 0.3%. Today there is no GBP news to be published whereas, on the USD side, FOMC Member Kaplan is going to speak about nation’s key interest rates and future monetary policies which are expected to be neutral in nature and JOLTS Job Opening report is expected to decrease to 6.13M from the previous figure of 6.17M. Though due to holidays and worse economic reports published recently on USD, the pair is currently struggling to provide any directional movement, but USD is expected to gain momentum against GBP in the coming days.
Now let us look at the technical view, the price is currently residing below the resistance area of 1.3220-50 which is expected to proceed down towards 1.2850 in the coming days. As of the current situation, the bullish pressure has been skewed down around the resistance area which is expected to wear out as the bears step in the market to take the price lower towards the upcoming support level. As the price remains below the dynamic level of 20 EMA and resistance area of 1.3220-50 the bearish bias is expected to continue further.
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