GBP/USD Forecast: Downside appears limited as 1.3460 support holds by eren_fxstreet GBPUSD Pound USDollar
Technical outlook suggests that the pair could move sideways in the near term.GBP/USD has snapped a three-day winning streak on Monday and fallen to a daily low of 1.3430 before staging a rebound early Tuesday. The pair was last seen trading a little below 1.3500 and the near-term technicalThe broad-based dollar strength weighed on GBP/USD on the first trading day of 2021. The risk-positive market environment provided a boost to US Treasury bond yields and helped the greenback find demand.
It is the dollar's valuation that is likely to impact GBP/USD's movements most in the short term. Later in the session, the ISM will release the US Manufacturing PMI data for December. If the report points to an ongoing expansion in the manufacturing sector's activity at a robust pace, risk flows could dominate the markets and allow the dollar to outperform its rivals on the back of rising yields.
In case the pair drops below 1.3460 and starts using it as resistance, the next target on the downside is located at 1.3440 before 1.3400 .Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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