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GBP/USD: bullish sentiment may soon “come to naught” – Analytics & Forecasts – 6 September 2022

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The current strengthening of the pound and the growth of the GBP/USD pair can, perhaps, be attributed to an event of an important political nature: in the UK, a new prime minister was finally elected on Monday. At the time of publication of this article, the GBP/USD is trading near the 1.1600 mark, through which there is a short-term resistance level. The current growth of the GBP/USD thus provides opportunities to enter new short positions, both “by-the-market” and in case of growth to the resistance levels 1.1638, 1.1650 (for more details, see “GBP/USD: technical analysis and trading recommendations on 06.09 .2022“).

In general, the downward dynamics of the GBP/USD remains, despite the current upward correction.

And from the news for today, attention should be paid to the publication (at 14:00 GMT) of the PMI index of business activity in the US economy services sector (from ISM, Institute for Supply Management). According to the forecast, a slight relative decline in the indicator is expected, to 55.1 from 56.7 in July. Despite the relative decline, this is a high figure. A result above 50 indicates an increase in activity and is considered as a positive factor for the USD (for more details, see the Most Important Economic Events of the Week 09/05/2022 – 09/11/2022).

Support levels: 1.1500, 1.1410

Resistance levels: 1.1638, 1.1650, 1.1700, 1.1760, 1.1882, 1.1960, 1.2000, 1.2270, 1.2420, 1.2610

 

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