The Pound Sterling sellers regained poise as the United States Dollar (USD) resumed its recovery. This dragged the GBP/USD currency pair under the 1.2600 round level. The major looks forward to the US inflation data and the United Kingdom’s quarterly growth report as a saving grace. In this article, we’ll detail GBP/USD Weekly Technical Forecast for Week 32, 2023.
GBP/USD: Technical outlook
GBP/USD’s daily technical setup remains in favor of Pound Sterling sellers, with a test of the critical support of the bullish 100-day Simple Moving Average (SMA) at 1.2575 on the cards.
The 14-day Relative Strength Index (RSI) indicator remains below the 50 level, suggesting that any recovery attempts in GBP/USD is likely to fade.
The next relevant downside target for Pound Sterling sellers is envisioned at 1.2487, the June 12 low, below which a fresh decline could be fueled toward the 1.2400 round number.
Alternatively, if the pair yields a weekly close above the 50-day SMA at 1.2736 and stabilizes above that level, buyers could see a decent recovery toward 1.2850.
The flattish 21-day SMA at 1.2890 will be next on Pound Sterling buyers’ radars. Acceptance above the latter will initiate a fresh uptrend toward the July 27 high of 1.2995.
GBP/USD: Forecast poll
Instaforex Nigeria Forecast poll highlights a slightly bearish bias for GBP/USD in the short term. The one-week average target aligns slightly below 1.2800. The one-month and one-quarter outlooks remain mixed.
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