GBP/USD - We Seem To Be Rebounding After The Previous Few Weeks Of Negative data
Welcome to another new week in the markets! As we catch up with GBP/USD we seem to be rebounding after the previous few weeks of negative data and overall bearish bias. Technically we have hit a major support at 1.32500, looking back to October 2017 this same price was a strong resistance barrier that took numerous attempts to break. On the 4hour timeframe it appears we could have a double bottom on our hands, with price now looking bullish. The daily time frame also suggests that we could have a reversal on the way!
Fundamentals for GBP/USD - for the UK its all about the slow progress off and the Irish border issue, there have been press reports of a partial border solution and we wait to hear the final details. Price action in GBPUSD has actually been dictated by the strong USD rather than any developments in the British situation. This week is full of MPC speakers and the main data points are Construction and Services PMI's and Manufacturing data on Friday.