GBP/USD Outlook (14 September 2020)
Overall, GBP/USD is trending downwards.
The UK GDP m/m data (Actual: 6.6%, Forecast: 6.6%, Previous: 8.7%) released last Friday indicated continued growth in the UK economy in August. Despite the third consecutive month of continued growth, the economy has only recovered just over half of the damage caused by COVID-19.
Today, the Internal Market Bill will be tabled in the UK Parliament. During this time, volatility is expected in GBP.
Currently, GBP/USD is testing the support zone of 1.28000 and the next resistance zone is at 1.30000.
Look for short-term selling opportunities if GBP/USD breaks the support zone of 1.28000.
The UK GDP m/m data (Actual: 6.6%, Forecast: 6.6%, Previous: 8.7%) released last Friday indicated continued growth in the UK economy in August. Despite the third consecutive month of continued growth, the economy has only recovered just over half of the damage caused by COVID-19.
Today, the Internal Market Bill will be tabled in the UK Parliament. During this time, volatility is expected in GBP.
Currently, GBP/USD is testing the support zone of 1.28000 and the next resistance zone is at 1.30000.
Look for short-term selling opportunities if GBP/USD breaks the support zone of 1.28000.