FUNDAMENTAL ANALYSIS
The pound is profiting from the euro weakness and sets itself as a safe-heaven alternative to the yen which suffers from political incertitude. The GBP/USD finds support in EUR/GBP selling.
However, on the long term the pair remains pressured by a strengthening US dollar and the persistent global uncertainty. Moreover, many worry about the governmental budget tightening which could become a barrier to domestic growth.
TECHNICAL ANALYSIS
The short term GBP/USD's rebound remains intact. The pair found good support at 1.4250 and is bouncing back with momentum.
A breach of the 1.4768 high would open the way for a re-visit of the 1.5000 region and reverse the long term bearish down trend. On another hand, a topside failure could indicate a re-test of the bottom support.
Resistance levels:
- 1.4768
- 1.5000
Support levels:
- 1.4550
- 1.4250
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