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The British pound is climbing up for the 7th day in a row. Will it keep rallying?
According to Richard Perry of Hantec Markets, the pound should continue moving up. Indeed, it has just crossed the key resistance at 78.6% Fibonacci level at 1.2816, that’s why it may surge to the next resistance at 1.3000.
The contradictory data from the United Kingdom came on Friday. The British retails sales surpassed analysts’ expectations and turned out 13.9%, while the forecast was 8.3%. The PMIs were better than anticipated as well. The GfK consumer confidence was -27, while the forecast was -25. Nevertheless, the British pound is rising further no matter what.
The greenback continues moving down for the 7th day straight. It gives an additional impetus for the further GBP/USD growth. The US data came worse than economists foresaw yesterday. Both PMIs, Manufacturing and Services, turned out worse than expected. The Services PMI even went below 50.0, that marked the industry contraction. Of course, it was the result of the fresh coronavirus outbreak in the country. New virus cases are still surging in most of the US states and weighing on the USD. Today the data was mixed. Core durable goods orders (excluding transportation items) were worse than the forecast, while durable goods orders came better. They increase by 7.3%, while analysts anticipated 7.0%.
In the long term the British pound highly depends on the Brexit talks. The sooner the EU and the UK reach an agreement, the better for the pound sterling. Also, the GBP is really sensitive to the overall market sentiment. Keep your finger on the pulse!
GBP/USD is moving upward to the key psychological mark at 1.3000. If it breaks it through, it may surge higher to the 100.0% Fibonacci retracement level at 1.3200. Support levels are at the 78.6% Fibo level at 1.2816 and at the 200-day moving average at 1.2700.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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