The pair continued its descent, almost nullifying the Pound’s gains obtained previously during the week but the movement was rather slow.
Technical Outlook
We consider that for today’s trading session a touch of 1.5960 is likely. If price gets there, a bounce higher is anticipated and possibly an attempt to resume the uptrend. Due to the correlation between GBP/USD and EUR/USD, Mario Draghi’s speech will have a hefty impact and we expect price to follow to an extent the movement of EUR/USD.
Fundamental Outlook
The United Kingdom doesn’t release any important data today and the pair’s movement will mostly be driven by the technical aspect.
Written by: Bogdan Giulvezan
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