Fundamental Drivers Shaping GBPUSD Trend
GBPUSD, often called “Cable,” remains one of the most actively traded currency pairs in Forex markets as it bridges the British Pound and the US Dollar in global trade. Today’s GBP USD fundamental analysis focuses on upcoming S&P Global Manufacturing PMI and Services PMI data releases for both the UK and the US, alongside a speech from Bank of England Governor Andrew Bailey, as well as remarks by Federal Reserve officials Raphael Bostic and Michael Barr. These events can significantly influence GBP-USD price action by shaping interest rate expectations and economic sentiment, so traders will be watching closely to gauge any hawkish or dovish tones that may either strengthen or weaken the pair.
Chart Notes:
• Chart time-zone is UTC (+02:00)
• Candles’ time-frame is 4h.
On the GBPUSD H4 chart, the price has entered the Ichimoku cloud and is pressing toward its lower boundary, which has thinned recently. The pair has just dropped below the 0.236 Fibonacci retracement level, indicating potential bearish momentum if it continues through the cloud’s lower band. Should it break lower, the 0.382 and 0.5 Fibonacci levels lie ahead as interim supports, with the 0.618 level acting as a stronger barrier. Beyond that, the 0.786 retracement could provide the next solid support zone. Meanwhile, both MACD and RSI on this GBP/USD daily chart technical analysis suggest a continuation of the current downtrend, highlighting the possibility of further price action to the downside in the short term.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
