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The GBPUSD ended the week on a stronger note, clocking in a 0.56 percent increase over the previous day. Overall it is a mixed bag of results for the British pound as a strengthening dollar and Brexit fears continue to dictate the direction of the currency.
The surge in the USD pushed the pound to its lowest level since the start of the year during Thursday's Trading session. The pound initially failed to capitalize on rather an upbeat UK economic data releases this week as investors remain focused on the outcome of the trade negotiations between the UK and the EU.
The UK January CPI came in above expectations at 1.8 percent over the previous year. While the retail sales figures also beat the consensus at a 0.8 percent increase year over year. It took a day of digesting for Traders to look favorably upon the pound once again, propelling the GBPUSD pair back towards the mean. Speculation is now centered around whether the Bank of England will lean towards raising the current interest rate in the medium run.
However, regardless of the above excitement in upbeat economic figures, investors are still very cautious about the upcoming UK-EU trade negotiations. Market sentiment has been weakened in light of comments made from European leaders casting doubt over the feasibility of reaching an agreement in a relatively short amount of time. EU ambassadors have yet to agree on a common approach to the negotiations, opening the door for further delays in the talks.
From a technical perspective, the GBPUSD managed to hold steady above the 23.6 percent Fibonacci retracement level on Friday, signaling some buying pressure may roll into the start of next week. Bulls will be hoping to ride the correction higher up towards the 1.30 psychological level. The overall Trading pattern remains however bearish, with a potential for short orders to be placed at the current level with a downside target of 1.290. Barring any shakeup in the USD, the GBPUSD is poised to continue in its descent in the short term.
(Chart Source: Tradingview 23.02.2020)
Looking ahead, as very little economic data releases from the UK are to be expected in the upcoming Trading sessions, political headlines and news on the coronavirus will likely take center stage in dictating the short-term direction of the pair. Optimism over the decrease in infection rates will likely send the pound higher against the dollar. Support & ResistANCe Levels:
S3 1.28215
S2 1.28684
S1 1.29060
P 1.29545
R1 1.30000
R2 1.30740
R3 1.32000
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - GBPUSD Forecast
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