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British Pound (GBP) Price Outlook: GBP/USD Rejects 1.40 Level

British Pound (GBP) Price Outlook: GBP/USD Rejects 1.40 Level

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • GBP/USD is unlikely to move far ahead of Thursday’s policy announcement by the Bank of England’s monetary policy committee.
  • However, after easing back from psychological resistance at 1.40 late last week, it could slip further near-term.

GBP/USD backs away from resistance

The rejection by GBP/USD of the 1.40 psychological resistance level on Thursday and Friday last week may have marked a turning point for the pair and it would be no surprise if it eased further ahead of this coming Thursday’s meeting of the Bank of England’s rate-setting monetary policy committee.

GBP/USD Price Chart, Daily Timeframe (January 20 – August 3, 2021)

British Pound (GBP) Price Outlook: GBP/USD Rejects 1.40 Level

Source: IG (You can click on it for a larger image)

However, as the chart above shows, previous trendline resistance may now act as support, potentially limiting any losses ahead of the MPC meeting, where policymakers will likely repeat that they are not tightening policy just yet.

In the meantime, a UK spat with France, which was left out when the UK loosened entry requirements for visitors from most of Europe, could harm sentiment. On the other hand, in an effort to curb the UK’spingdemic of contact tracing notifications, the Government has restricted the parameters of the National Health Service’s Covid-19 phone app – a potential positive for the UK economy and therefore the Pound.

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.