The GBPUSD pair is trading slightly lower than Friday’s close. Could the pair reverse and move higher today? What does the following 2 July GBPUSD Fundamental Outlook explain?
2 July, OctaFX – The pound is down following a report by PricewaterhouseCoopers (PwC) and the Confederation of British Industry (CBI) which revealed Brexit insecurities.
According to the quarterly survey of the British financial services sector, many executives and a third of banks surveyed were “not so confident” of implementing Brexit plans by March 2019.
The report will be in the mind of Theresa May, who will meet with her divided cabinet on Friday to try and come up with a consensus proposal. In recent weeks, a number of significant manufacturers like BMW and Airbus have said that they would consider leaving the UK if a deal is not found.
2 July GBPUSD Fundamental Outlook
The GBPUSD pair is currently trading at 1.3176, which is slightly lower than Friday’s close. The decline is mostly because of the dollar strength and the uncertainty of Brexit. In recent days, the pair has been moving up and forming a cup and handle pattern.
The likely scenario today will be that the pair will fall to the 1.3164 level, which is also the 61.8% Fibonacci Retracement level. If it reaches this level, it could reverse and move higher today.
This article about 2 July GBPUSD Fundamental Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.