The GBP/USD pair is looking lately to return above 1. 3450, while the US dollar is losing ground against a giant basket of currencies.
The US dollar index fell after yesterday’s strong recovery. The closest point for the US dollar index is at 94. 20. If the US dollar index falls below this point, it will move to point 94, which will be bullish for GBP/USD.
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The UK recently released the final reading of the GDP expansion rate report for the current quarter, which says GDP grew by 5. 5% quarter-on-quarter, according to the consensus of analysts forecasting a 4. 8% expansion. of the analyst consensus of 22. 2%.
Forex investors also had the opportunity to take a look at the UK House Price Report for the month of September, which says space costs rose 0. 1% month-over-month based on analysts’ consensus forecast of 0. 6% growth.
The GBP/USD pair has gained near 1. 3410 and is looking to settle above the resistance at 1. 3450. The RSI is in oversold territory after the recent sell-off, and there is plenty of room to gain bullish momentum should the right catalysts emerge.
If GBP/USD manages to stabilize above 1. 3450, it will head towards the next resistance at 1. 3490. A successful resistance check at 1. 3490 will pave the way for the next resistance point which is at 1. 3520. If GBP/USD moves above this point, it will head towards resistance at 1. 3550.
On the side, the closest point for GBP/USD is close to the recent lows at 1. 3410, if GBP/USD manages to stabilize below this point, it will continue its downward trend and head towards it at 1. 3390. 1. 3390 will pave the way to test the next point at 1. 3370.
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