

Market Analysis
GBPUSD
Prediction: Potential Upside
Fundamental Analysis:
The GBP has been gaining strength against the USD, recently reaching a 13-month high above the 1.3100 mark. This upward movement has been influenced by a weakening US Dollar, which initially saw a boost from positive economic indicators, such as a drop in jobless claims and a rise in retail sales. However, the renewed risk appetite in the markets has led to a softer US Dollar, contributing to the GBP/USD pair's ascent. In the latter part of the day, the pair is likely to be swayed by broader risk sentiment, with the performance of US stock markets being a critical factor.
Technical Analysis:
The British Pound is expected to encounter resistance against the US Dollar at levels of 1.3120, 1.3220, and 1.3400, which correspond to Fibonacci retracement levels from the recent downtrend. On the downside, support is anticipated around 1.2850-1.2840, 1.2800, and 1.2760, with these levels also aligning with Fibonacci retracement points and key moving averages.
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