GBP managed to find some support toward the end of last week after the UK economy grew faster than expected. However, the support could turn out to be short-lived. What’s next for GBP/USD, EUR/GBP and GBP/AUD?
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Despite the tightening in financial conditions, the US economy is proving to be far more resilient compared with some of its peers, allowing the US Federal Reserve to stay hawkish for longer. In contrast, thearea and the UK are experiencing sluggish growth as elevated interest rates spill over to the economy. For more discussion, see “this year.
EUR/GBP is now testing crucial resistance at the mid-July high of 0.8700, around the 200-day moving average. This resistance is key – any break above could pave the way toward the April high of 0.8875. Importantly, it would negate the bearish bias prevailing since the start of the year. Subsequent resistance is at the early-2023 high of 0.8980.is approaching quite strong converged support: initially at the July low of 1.8850, slightly above the June low of 1.
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