Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Follow us on Facebook

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Email tooltip

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE - In Google Play

View
Trading
Analytics & Education
About Us
Connect to live chat
GBP/USD: going down

GBP/USD: going down

Information is not investment advice

Fundamentals

The British GDP contracted 20% in April, with the spearheading services sector falling 2.3%. In the first quarter of 2020, the household savings rate rose to 8.6%, while their nominal spending plunged by 2.7%, and government spending dropped by 4.1%. Most of these figures are either the highest during the recent decades or the highest ever.  

The current plan of British authorities is to invest up to $6 billion into public infrastructure such as building hospitals, roads, and schools. In the meantime, Brexit was also promised to be actively addressed.

Technicals

After a bullish rally in the first part of June, GBP/USD started moving downwards. Currently, all the gains of this month have been already erased. Most likely, the price will go further down towards the support at 1.2220. Over there, it is likely to bounce upwards to test the resistance of downtrend{s upper border. Eventually, it will return to the downward direction aiming at 1.2080.

Hence, we are expecting zone 1 to be this pair’s projected movement area in the nearest future, and later on zone 2 will be the target area. The above-presented fundamentals are heavy enough to keep pressing on GBP/USD. Until the Brexit process reveals some solid advancements beyond just commitments and until raw economic data brings some improvements, GBPUSD will likely have little alternative but to keep going down.

1.png

                                                                                                     LOG IN

Similar

Popular

Share with friends:

Choose your payment system

Visa
Mastercard
Maestro
Wire Transfer
Skrill
RAPID Transfer
NETELLER
Learn more

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later