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Technical View
The last week or so has seen GBPUSD edge higher back towards the short term resistance level at 1.6770. However, since the beginning of this week GBPUSD fallen about 140 pips and almost hitting Daily support at 1.6580. Just above the 1.6770 level is the resistance level at 1.6820 which continues to loom large and is ready to offer an obstacle to higher prices should the GBPUSD rally again. I am expecting retest of resistance at 1.6820 level in coming weeks.
Fundamental View
According to the latest predictions by British business U.K. economy will exceed its pre-recession peak this summer, despite warnings that the recovery is on shaky foundations as a booming housing market stokes consumer confidence. The British Chambers of Commerce had forecast that GDP would overtake its performance in the first quarter of this year in the autumn, but has now brought that forward to the second quarter. Services and manufacturing have been the main drivers of growth according to official data. On the other hand US continues to show weakness in economic growth as per recent data, so the likely scenario based on fundamentals is bullish GBPUSD.
The last week or so has seen GBPUSD edge higher back towards the short term resistance level at 1.6770. However, since the beginning of this week GBPUSD fallen about 140 pips and almost hitting Daily support at 1.6580. Just above the 1.6770 level is the resistance level at 1.6820 which continues to loom large and is ready to offer an obstacle to higher prices should the GBPUSD rally again. I am expecting retest of resistance at 1.6820 level in coming weeks.
Fundamental View
According to the latest predictions by British business U.K. economy will exceed its pre-recession peak this summer, despite warnings that the recovery is on shaky foundations as a booming housing market stokes consumer confidence. The British Chambers of Commerce had forecast that GDP would overtake its performance in the first quarter of this year in the autumn, but has now brought that forward to the second quarter. Services and manufacturing have been the main drivers of growth according to official data. On the other hand US continues to show weakness in economic growth as per recent data, so the likely scenario based on fundamentals is bullish GBPUSD.
