British Pound (GBP) Forecast: New Quarter Carries Over GBP Pressures

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  • EUR and USD favored against GBP.
  • Spotlight on U.S. and EU economic data.


Pound real is making some intense memories this week against the U.S. dollar and euro individually. The ECB Sintra Forum saw the Federal Reserve through Jerome Powell shock markets on the hawkish side hence supporting the dollar . Recently, Russia pulled out troops from Ukraine as a “token of generosity” leaving the euro bid related to approaching ECB rate climbs to control inflationary tensions in the eurozone. These central headwinds left the pound more fragile while UK financial information showed lodging costs sneaking in the period of June.

Brexit improvements may likewise assume a part in the pound albeit up to this point we have not seen huge responses inside GBP crosses.

To cut off the week, eurozone center expansion and U.S. ISM Manufacturing PMI will be in center. Eurozone center expansion is assessed to come in higher than the past delivery which could uphold further EUR potential gain. ISM information then again is guage lower and could pave the way for the schemes of an all around unfortunate market with respect to an approaching downturn.




Link has been moderately muffled yet stays in it’s new consolidatory design as bears look to retest the 1.2080 (76.4% Fibonacci) level. We could see further drawback towards the 1.1934 swing low yet I am inclining towards a bullish recuperation medium-term of some kind (though gradual).

Key resistance levels:

  • 1.2494
  • 1.2400/50-day EMA (blue)/Trendline resistance (black)
  • 20-day EMA (purple)

Key support levels:

  • 1.2080
  • 1.1934 (swing low)


Day to day EUR/GBP cost activity shows the previous long lower wick setting up the bullish predisposition at today as costs stay inside the medium-term rising wedge development (dark). Specialized examination focuses to a pullback by the pound as the RSI uncovers easing back potential gain energy going against comparing costs activity (negative difference) notwithstanding, timing dissimilarity can be troublesome.

Key resistance levels:

  • 0.8800
  • 0.8721

Key support levels:

  • 0.8600/ Wedge support
  • 0.8530

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.


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