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GBP/USD Forecast: Technically Bullish In The Short-Term

Valeria Bednarik - Chief Analyst at FXStreet

GBP/USD Current Price: 1.3117

  • UK Parliament will resume debating the Withdrawal Agreement Bill next Tuesday.
  • Long holiday ahead with no data scheduled to be released in the UK.
  • GBP/USD technically bullish in the short-term, battling with critical Fibonacci level.

The GBP/USD pair benefited once again from the dollar’s weakness, with buyers putting aside Brexit concerns. The pair surged to 1.3150, its highest in two weeks. Market players are still concerned that PM Johnson’s decision to limit the transition period to December 2020 would end up in a hard-Brexit. Even EU authorities are worried about the short time spam left to arrange the future relationship between the UK and the EU.

The UK Parliament will resume debating the Withdrawal Agreement Bill next Tuesday, with legislation aimed to pave the way for the departure on January 31st.  In the meantime, most markets will be closed until next Thursday, with no data scheduled for release in the UK.

GBP/USD Short-Term Technical Outlook

The  GBP/USD pair is trading around the 38.2% retracement of its latest daily slump, measured between 1.3513 and 1.2904, at 1.3140. The short-term picture is bullish, as the pair is well above a now bullish 20 SMA, which already crossed above the 200 SMA, while the 100 SMA converges with the mentioned Fibonacci level and the current price. Technical indicators, in the meantime, grind higher within positive levels, lacking enough strength but anyway skewing the risk to the upside.  The bullish potential, however, remains limited by the mentioned Brexit concerns.

Image Sourced from Pixabay

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