GBP/USD Daily Forecast – Test Of Support At 1.3670

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Vladimir ZernovJuly 19, 2021, 11:42 PM·2 min readU.S. Dollar Gains More Ground Against British Pound

GBP/USD is currently trying to settle below the support level at 1.3670 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S.

Dollar Index continues its attempts to get above the 93 level. If the U.S. Dollar Index manages to settle above this level, it will get to the test of the resistance at 93.10 which will be bearish for GBP/USD.

Today, foreign exchange market traders will have a chance to take a look at Housing Starts and Building Permits reports from U.S. Analysts expect that Housing Starts grew by 0.8% month-over-month in June. Bulding Permits are projected to grow by 0.5%.

Traders will also keep an eye on the latest developments on the coronavirus front as worries about the spread of the Delta variant of COVID-19 were the main driver behind the recent rally of the U.S. dollar.

If the situation continues to get...read more...