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Latest GBP USD Analysis and Forecast

Another prod lower after plunge, threat lower

Day trade update and view

A prod lower Wednesday to 1.1875, after Tuesday's plunge to a new cycle low through 1.1933, extending bear forces from Friday's sell off, leaving risks lower Thursday.  

Day trade setup

  • We see a downside bias for 1.1875 and 1.1867; a break here aims for 1.1803 and maybe 1.1761.
  • But above 1.1989 opens risk up to 1.2125 and possibly 1.2165.

Intermediate-term outlook

The June push below key 1.2329 support signalled an intermediate-term shift to a bear trend.

Upside risks: We see an intermediate-term bear trend to aim towards 1.1409.

What changes this? Above 1.2406 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.

GBP USD Calendar

07/07/22 US ADP Employment Change

08/07/22 US Employment Report; Canadian Employment report

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Please join the GBP USD discussion

    1. The Pound (GBP) is falling against most currencies today due to the release of the UK GDP, Manufacturing and Industrial Production data. Practically all elements of the is report were negative, with the quarterly contraction in GDP the first since 2012 indicating a weakening economy.
      This layers on top of ongoing fears about a “No Deal” Brexit and the threat that the Bank of England may need to cut interest rates. All of these factors are negative for the currency, hence the move lower for GBPUSD and GBPJPY, plus the move higher for EURGBP.
      Also, from a technical analysis perspective, GBPUSD, EURGBP and GBPJPY are moving to multi-year extremes, which sends a negative signal for GBP.
      Hope this helps, please revert with any further questions.

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BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
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