Forecast of the GBP / USD currency pair 23/06/20
Published on 23.06.2020 14:50

Today we will take a look at the GBP / USD currency pair and pay attention to the better than expected news on changes in the level of business activity for countries in the EU. This inspires confidence in the ability of Britain to declare higher than expected growth rates in business activity. In this case, we could see a breakthrough the resistance at 1.2500.

Trading Outlook:
The main scenario: a breakthrough of the technical resistance area 1.2480–1.2500 and, as a result, a further increase to 1.2620 / 40. This scenario can only be realized if the PMI index returns above 50 points.

The alternative scenario takes into account the rebound from the resistance area of 1.2480–1.2500, followed by a decrease to 1.2280. This scenario can be implemented provided the publication of weaker PMI figures than expected.

At the time of publication of the report, I expect a significant increase in trading activity, as happened with the EUR / USD currency pair.

The above review is not a direct guide to action, but carries an exclusively recommendatory nature.


Andrew Masters

Analyst

The world of trading has no boundaries
Important notice
By clicking "Continue" you will be redirected to the website operated by FIBO Group Holdings Limited, a company registered in Cyprus and regulated by CySEC. Please familiarize yourself with the Terms of Business through the link. Click "Cancel" to remain on this page.