Yahoo Finance GBP/USD Daily Fundamental Forecast – March 15, 2018
The GBPUSD pair has been trading near the highs of its range and has been consolidating, though the bulls would be a tad disappointed that they have not been able to break through the 1.40 region so far. This is expected to continue for much of the day today as well though the bulls could use this quiet time to slip in some of their buys and push the prices higher.
GBPUSD In Tight Range
The pair is being driven by the dollar so far and though the US had some weak retail sales data during the day yesterday, it did not seem to have much of an impact on the pair except for a move higher for a brief while. Even that move higher was not enough for the pair to push through the 1.40 region for now. With all the major news and economic data out of the way, we should be seeing the pair now begin to settle down for some consolidation and ranging though a brief look over the 1.40 region during this period cannot be ruled out.
The pair is likely to be stay within the range as the pound is likely to be buoyed by the fact that the Brexit process is progressing as per schedule with not much of hindrance from any quarter. Also, the UK PM May has also been bullish about the UK economy and they have been working hard to ensure that the impact from the exit is minimal in a bid to safeguard their economy. It remains to be seen how effective those solutions would be but that would be known only in the medium term and till that time, the UK would hope that the progress is smooth.
Looking ahead to the rest of the day, we do not have any major economic news or data from the US or the UK and hence we should see some consolidation with a bullish bias.
This article was originally posted on FX Empire
