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GBP USD Update prediction (Month of july)

GBP USD

The price of the GBP USD pair has been declining quite well recently. As a result, the pair is at a two-and-a-half-month low price.

The pair were spotted in their current location in mid-April. The US Federal Reserve, meanwhile, is at a three-month high, backed by the Fed’s monetary policy. On Wednesday, the US ISM manufacturing price paid increased from the expected 8 points to 92.1 points. Which made the US dollar (USD) even stronger.

GBP USD Update prediction

Bank of England Governor Andrew Bailey’s Dovish Sur, on the other hand, is helping the pound fall. He said the central bank would not react to the temporary rise in inflation. Concerns are growing over the spread of the Delta variant coronavirus.

The US NFP report released today may raise the price of the GBP USD pair below expectations. Otherwise, the downtrend of the pair maybe even stronger.

GBP USD is moving closer to the 1.3750 support level following the 1.3600 price break. The pair is currently hovering around 1.3770.

GBP USD fell below 1.4000 after crossing the June 23 high of 1.3800. If the pair can cross the 1.3750 support, the downtrend may strengthen and come to the 1.3700 prices.

On the other hand, the current resistance of the pair is 1.3800. If the pair can exceed the mentioned resistance, the maximum price on June 30 June comes to 1.3873. The next resistance maybe 1.4000.

The British GDP published yesterday came far below expectations and the British Manufacturing PMI released today missed expectations. Which further weakened the British pound (GBP)

In today’s session, the price of the GBP USD pair fell 11 weeks to 1.3764. Meanwhile, with the US dollar data release, may be in a positive mood for two days.

It is expected that US unemployment will continue to decline. Meanwhile, US ISM manufacturing is expected to remain above 60 points. As a result, American factory activities are also increasing. Subsequent data suggests that the dollar’s uptrend may be stronger.

Also coming out tomorrow, the U.S. Non farm Payrolls report is expected to be able to add about 6 million jobs to the economy in June. The dollar price may rise further than expected or as expected.

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