logo |

News

    Home   >     Industry    >     Main body

    GBP/USD Daily Forecast – British Pound Moves Lower Ahead Of The Weekend

    Abstract:GBP/USD is trying to settle below the support at 1.3800.

      GBP/USD Video 12.02.21.

      U.S. Dollar Gains Ground Against British Pound

      GBP/USD is currently testing the nearest support level at 1.3800 while the U.S. dollar is gaining some ground against a broad basket of currencies.

      Yesterday, the U.S. Dollar Index made another attempt to settle below the support at 90.30 but failed to develop sufficient downside momentum. Currently, the U.S. Dollar Index is trying to settle above the nearest resistance level at 90.50. If this attempt is successful, the U.S. Dollar Index will head towards the next resistance at the 20 EMA at 90.65 which will be bearish for GBP/USD.

      Today, foreign exchange market traders will focus on the economic data from the UK. Analysts expect that UK fourth-quarter GDP increased by 0.5% on a quarter-over-quarter basis. On a year-over-year basis, GDP is projected to decline by 8.1%.

      Industrial Production is projected to grow by 0.5% month-over-month in December, while Manufacturing Production is expected to increase by 0.6%. if the reports are stronger than expected, British pound may get more support.

      GBP/USD managed to settle below 1.3835 and is trying to settle below the support level at 1.3800. If this attempt is successful, GBP/USD will head towards the next support level which is located at 1.3785.

      In case GBP/USD declines below the support at 1.3785, it will move towards the major support level at 1.3745. Most likely, GBP/USD will need additional catalysts to settle below this level. If GBP/USD gets below the support at 1.3745, it will gain additional downside momentum and move towards the next support level which is located at the 20 EMA at 1.3725.

      On the upside, the nearest resistance level for GBP/USD is located at 1.3835. If GBP/USD settles above this level, it will move towards the next resistance at 1.3875. GBP/USD made several attempts to get to the test of this level in recent trading sessions but failed to develop sufficient upside momentum. If GBP/USD gets above 1.3875, it will move towards the next resistance level at 1.3900.

    Latest News

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United Arab Emirates Dirham
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.