Trading | 1 month ago
The US dollar continues to lose ground against the top traded currencies in the world after Federal Reserve Chairman Powell's speech. As a result of this, the GBP/USD exchange rate jumped during the Asian trading session on Monday.
GBP/USD is expected to make more bullish price swing near 1.375 price level in the response to the US dollar rally which continued to fade on Monday. The dollar index which measures the performance of U.S. dollar against a basket of top currencies, fell by 0.38% to 92.68 on Friday and 0.06% to 92.640 on Monday. If bulls are able to take control of the next key price swing, then we may expect a bullish breakout near 1.39 price level.
Last week GBP/USD registered a marginal new high for the week. On the daily chart, the pair is trading above the 18-period Exponential moving average and is trying to settle above the next resistance level at 1.377, which indicates the presence of buying interest. The pound could extend its gain in this week amid the important events in the economic calendar.
The near-term technical outlook for GBP/USD is bullish as traders might scale up the long positions. Therefore, one must look for buying opportunities in GBP/USD near 1.375 price level.
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