GBP/USD Bearish Outlook, Awaiting Carney’s Speech

Although GBP/USD is currently stable, trading sideways between 1.2210 and 1.2235 this morning, the pair is still under pressure on stronger US Dollar after strong manufacturing data and in response to hawkish Fed speaks that boosted the odds for a Fed rate hike this year.

Research Team at BBH, notes that the Bank of England Governor Carney was criticized by many government officials that favored the UK leaving the EU. Today he appears before the House of Lords, many of which claim that the BOE misjudged the fallout from Brexit. Currently the GBP/USD trading at 1.2219, still under it’s daily pivot.

Trend: Neutral bearish

Key levels to watch: Daily Pp 1.2225

First resistance: R1 1.2243. R2 1.2259. R3 1.2276. R4 1.2303 (H1)

First support: S1 1.2202, S2 1.2177, S3 1.2145, S4 1.2122 (H1)

Remark: Although GBP/USD is trading sideways and re bouncing upward, the preferable trend is bearish in general due to the uncertainty around the pound and Carney being criticized on his policy, on the other hand, the US dollar seems to be strong. Look forward for Carney’s appearance at 3:35 PM GMT, Also US consumer confidence report at 3 PM GMT, both will give a better image on the GBP/USD trend today.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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