Market Analysis

British Pound (GBP) Price Outlook: Range-Trading Opportunities in GBP/USD

GBP price, news and analysis:

  • GBP / USD continues to trade sideways around the 1.4150 level, offering opportunities for traded goods.
  • This session will focus on Dominic Cummings, the former Adviser to the Prime Minister of the United Kingdom, when he answers questions from Members.

GBP / USD transactions

GBP/USD will continue to trade around the 1.4150 level at the resistance level of 1.4234 at the highest level on May 21 and between 1.4099 at the lowest level on May 19. At present, these levels are likely to persist, with the pair easing back when it reaches 1.4234 and jumping when it comes close to 1.41. Note that the longer-term trend remains higher, so should GBP / USD hit out, it is more likely to be upward than negative.

GBP / USD price chart, four-hour schedule (April 30 – May 26, 2021)

British Pound (GBP) Price Outlook: GBP / USD Trading Opportunities

Source: IG (Click for a larger image)

In principle, little has changed for the currency pair recently. This session will focus on the testimonies of British Parliament Prime Minister Boris Johnson’s former Chief Adviser, Dominic Cumming, to UK MPs.

Cummings, who will appear before the members of the two committees investigating the joint Covid-19 pandemic, is expected to be very critical of the government and the prime minister.

– Written by analyst Martin Essex

Feel free to contact me on Twitter @MartinSEssex


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