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GBP/USD Daily Forecast – 23 January

Monday, Jan 22 2018
GBP/USD Daily Forecast – 23 January

There were no major data releases from the UK yesterday. The Pound has held its ground the past week of trading as it has attained values which continue to test a variety of technical highs. Retail Sales data from the U.K were weak before going into the weekend, but this didn’t create headwinds. The Pound is comfortably above the 1.38 juncture versus the U.S Dollar and may continue to attract buyers.

The dollar has been on the backfoot for over a month now and the pound has been gaining due to this. And it is not only the dollar weakness that is helping the pair to move higher, it is also the inherent strength in the pound as well as the pound has been helped by the anticipation that the Brexit could be a soft one rather than a hard one after all. This would help the UK to continue with a majority of its trade with the Eurozone which would be beneficial for the UK in the long run.

 

There will be no major data releases both from the UK and the USA tomorrow, so we can expect a bit steadier session.

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