
GBP/USD Forecast Today 03/07: Dips Toward 1.3550 (Chart)
- During trading on Wednesday, we have seen the British pound drop pretty significantly against the US dollar, reaching toward the 1.3550 level, an area that has been important a couple of times in the past. However, at the end of the day we have seen the market turned around to show signs of life, so with that being the case, I think you have a situation where there is a lot of noise out there, but at the end of the day, we also have to keep in mind that it is Non-Farm Payroll announcement day on Thursday, and that will cause a lot of volatility with the US dollar itself.
The technical analysis for the British pound is rather strong against the US dollar, but it is probably worth noting that the session on Wednesday was a bit ugly for the British pound, but ultimately a lot of this could have been a certain amount of covering as far as the USD is concerned, due to the fact that session on Thursday could be significant as far as volatility is concerned. Furthermore, you have to ask the question as to what happens when the US produces more jobs than originally thought?
EURUSD Chart by TradingViewIf that's going to be the case, then I think a lot of people will be looking at this through the prism of whether or not the US dollar is“too cheap”, or if we need to see higher pricing. I have been in the market for 18 years, and I can tell you that the idea of the GBP/USD pair at 1.60 is not necessarily anything that I find extraordinary, although I get a lot of questions about whether or not this pair could go any higher. Of course, then again, this could also be the top. A prudent trader will recognize both things are very possible. Ultimately, I think the close on Thursday will be very important, but keep in mind there will be European traders out there on Friday trading, despite the fact that the Americans will be gone. The 50 Day EMA sits at the 1.3442 level and is rising so that could offer support on any pullback as well. The 1.38 level above seems to be significant resistance.Ready to trade our daily Forex GBP/USD analysis ? We've made this UK forex brokers list for you to check out.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research

- SAP Fioneer Launches AI Agent To Transform Financial Services Operations
- Bitcoin Venture Studio Thesis* Acquires Lolli Rewards Platform To Kick Off BTC Ecosystem Expansion
- WEMADE & Redlab Unleash Web3 MMORPG Global Pre-Registration Open For Aug 2025
- Tawasul Transport And Al Maryah Community Bank Launch The First Digital Payment System In Taxis Using AE Coin
- Galxe Starboard Leads Infofi Boom With 5 Million Engagements
- Everstake Brings Ethereum Experts Together To Explore Post-Pectra And Institutional Adoption
Comments
No comment