GBP/USD Daily Forecast - 10 July

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Monday, Jul 09 2018

GBP/USD Daily Forecast - 10 July

The GBP/USD pair fluctuated wildly on Monday as investors continued to react to political developments in the U.K. After advancing to its highest level since June 14 at 1.3360, the pair came under a heavy selling pressure after British PM Theresa May's office confirmed the resignation of Foreign Secretary Boris Johnson. Following a sharp drop to 1.3188, the pair retraced a portion of its daily losses and was last seen trading at 1.3255, where it was down 0.25% on the day.

The initial resistance for the pair aligns at 1.3320 (50-DMA) ahead of 1.3445 (Jun. 14 low) and 1.3500 (psychological level). On the downside, supports could be seen at 1.3215 (20-DMA), 1.3150 (Jun. 19 low) and 1.3050 (Jun. 28 low).

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