GBP/USD Set To Benefit From UK Reopening And Global Cooldown

Overall, there is more room to the upside than to the downside for cable. 

GBP/USD Forecast

(Click on image to enlarge)

Pound/dollar is suffering from downside momentum on the four-hour chart but is trading above the 50, 100 and 200 Simple Moving Averages, a bullish sign. With the Relative Strength Index hovering outside overbought conditions, the upside looks more appealing.

Some resistance is at 1.4120, the daily high. It is followed by 1.4180, the monthly peak, and then by 1.4240, the 2021 top.

Some support awaits GBP/USD at the daily low of 1.4080. It is followed by 1.410, which was a low point earlier this month and capped the pair earlier. Further down, 1.3975 awaits the pair.

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Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk ...

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