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29.07.201913:29 Forex Analysis & Reviews: Forecast for GBP/USD: the pound remains vulnerable and is likely to reach 1.2300

Growing concerns about the hard Brexit continue to spoil the mood of the pound. The recent growth of the US dollar has increased bearish pressure and contributed to the fall of the British currency. Currently, the focus on the market is shifting to important data from the UK and the US. The fact that the new British Prime Minister Boris Johnson brought together the Cabinet, defending a tough position on the exit from the EU, still puts pressure on the pound in the pair with the dollar, bearish pressure has further increased after the recent jump of the dollar to a two-month high on optimistic data on US GDP for the 2nd quarter. The pair starts a new week in depression and has been further weakened by reports that the British government is preparing to exit without an agreement on October 31. Already weaker sentiment worsened after a public opinion poll showed that the Conservative Party has a significant advantage over the opposition Labor Party, fueling rumors that Johnson will call early elections.

Sterling briefly hovered near the 28-month low – around $ 1.2465, and in the absence of any significant economic news, remains at the mercy of political. Although this week can change the situation. Investors are waiting for important economic data from the UK and the US, which, combined with the Bank of England's monetary policy update, the long-awaited FOMC decision and the monthly employment report in the US, make this week eventful. In terms of technical analysis, nothing has changed, and the fact that the pair has already tested the levels below $1.2400 supports the bears. Now, the pair seems ready to challenge the support marked by the lower limit of the five-month downward trend – currently, it is a mark of $ 1.2300, if it goes further down. At the same time, any attempt to recover will rest on 1.2400 dollars, even if the pound goes higher, it is likely to be a temporary jump to the resistance level of 1.2445–1.2450 dollars.

Irina Maksimova,
Analytical expert of InstaSpot
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