Forex Analysis by MarketPulse (Zain Vawda) covering: British Pound US Dollar. Read MarketPulse (Zain Vawda)'s latest article on Investing.com
is in uncharted territory if i may so with the pair confined to a 30 pip range since early Monday morning. Cable is notorious for its significant moves in comparison to its major counterpart,
Markets have already started preparing for the first budget from new Chancellor Rachel Reeves, expected October 30. Given the changes of late on the outlook for both Central Banks it appears the US Dollar will continue to find support ahead of the US election. This may leave cable vulnerable to further downside in the coming weeks.There is quite a bit of data ahead this week which could impact GBP/USD.
A four-hour candle close to either side of the box could be seen as a potential breakout. However, given the fact that the US Dollar has been on a tear this week, could we be in for a potential midweek reversal? Immediate resistance on the upside rests at 1.31050 before the 1.3143 handle and the 200-day MA at 1.3200 come into focus. Conversely, a move lower here needs to navigate past the previous swing low around 1.3040 before the psychological 1.3000 handle is reached.
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