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GBP/USD Daily Forecast – U.S. Dollar Attempts To Rebound Against British Pound

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·2 min read
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British Pound Pulls Back Against U.S. Dollar

GBP/USD is currently trying to settle back below 1.3800 while the U.S. dollar is flat against a broad basket of currencies.

The U.S. Dollar Index received support near 93.50 and is trying to settle above 93.60. In case this attempt is successful, it will move towards the resistance level at 93.75 which will be bearish for GBP/USD.

Today, foreign exchange market traders will focus on the economic data from the U.S. Initial Jobless Claims report is projected to show that 300,000 Americans filed for unemployment benefits in a week. Continuing Jobless Claims are projected to decline from 2.59 million to 2.55 million.

Traders will also have a chance to take a look at Existing Home Sales report which is projected to show that Existing Home Sales increased by 1.2% month-over-month in September.

The yield of 10-year Treasuries has recently made another attempt to settle above 1.67% but failed to develop sufficient upside momentum and pulled back below 1.64%. In case the yield of 10-year Treasuries settles above 1.67%, it will head towards the psychologically important 1.70% level which will be bullish for the American currency.

Technical Analysis

GBP/USD failed to settle above the resistance at 1.3835 and pulled back towards the support level at 1.3800. If GBP/USD declines below this level, it will move towards the next support at 1.3780.

A successful test of the support at 1.3780 will open the way to the test of the next support at 1.3745. In case GBP/USD manages to settle below 1.3745, it will head towards the next support level which is located at the 50 EMA at 1.3710.

On the upside, GBP/USD needs to settle above the resistance at 1.3835 to continue its rebound. In case GBP/USD manages to settle above this level, it will head towards the next resistance level at 1.3875. A successful test of the resistance at 1.3875 will push GBP/USD towards the next resistance level which is located at 1.3900.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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