Forex Analysis & Reviews: GBPUSD Continues to Decline, Support at 1.1340

 

Fundamental Analysis:

The USD will likely strengthen against the GBP this week. This is due to strong fundamental data, including surveys and central bank policy.



I expect the US dollar to see high volatility against many major currencies this week, as a result of mixed economic data combined with high uncertainty and nervousness regarding the Fed's interest rate decision.

During the week, it is all about the US Dollar's performance associated with fundamental data, surveys and central bank policy. On Tuesday, the release of the US ISM Manufacturing Purchasing Managers Index survey results and the JOLTS Job Openings could cause a move of the US Dollar.

There is the potential for the Pound to rise against USD and a rise to test 1.1896 is possible. However, the short-term outlook for the GBPUSD is bearish.

Technical Analysis:

Key Support Zone:1.1340-1.1173

Key Resistance Zone: 1.1548-1.1637

In the event that the Pound continues its decline against the US Dollar, it may find support at 1.1340 and the 1.1173. Further below, note 1.0930, and the 1.0547.

Here's a chart of the week and what's coming up in the next few days.



Happy Pips!