Forex Analysis by Fawad Razaqzada covering: GBP/USD, US Dollar Index Futures. Read Fawad Razaqzada's latest article on Investing.com
The FX markets have been a little quieter so far this week, largely due to a quiet US data calendar.
We also have a UK data dump on Friday including monthly and quarterly GDP estimates, industrial production, and a few other data releases to keep an eye on. A bearish trend that goes back to the high of June 2021 has kept the upside limited in the last year and a bit, while the downside has been supported by a shorter-term trendline that has been in place since March 2023. In the interim, we've seen several higher highs and lower highs, as well as lower lows and lower highs, and breaks of short-term resistance levels and short-term trend lines and whatnot.Essentially, though, there's no clear long-term trend on the pound against the dollar.
At the time of writing, the cable was testing support at 1.2500, which was the high from a couple of weeks ago, before it was engulfed by a bullish candle in the second last week of April and start of May. The cable edged a little bit further higher last week until reaching resistance in the lower end of the 1.26 to 1.27 resistance area, leading to a weaker start to this week's trading.
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