Market Analysis

GBPUSD

Prediction: Bullish

Fundamental Analysis: 

Since last Friday, the British Pound has strengthened against the US Dollar, largely due to a persistent decline in the USD. Although recent US economic data, such as lower jobless claims and higher retail sales, initially supported the USD, improved market risk appetite has led to its weakening. Consequently, GBP/USD has climbed. Going forward, the pair's movement will likely be influenced by overall risk sentiment, with US stock market trends being a significant factor.

Technical Analysis: 

The GBP/USD is anticipated to encounter resistance at 1.2900, 1.2950, and 1.3000, which align with Fibonacci retracement levels from the recent downtrend. On the support side, expect potential support at 1.2850-1.2840, 1.2800, and 1.2760, derived from Fibonacci levels and moving averages.

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