Get an in-debt understanding from the 24 November GBPUSD Fundamental Drivers Analysis as the British Pound tried to rally during the trading session on Thursday.
24 November, OctaFX – The Pound has tried to rally during the trading session on Thursday, however, it strived at the 1.3333 level. This is a region that seems broken to the upside and would be an exceptionally bullish indicator, and possibly send in the market to the 1.35 handle, and then the final level, the 1.3650 level which was the view of the breakdown after the surprise vote to exit the European Union.
The US dollar will clearly continue to struggle against a basket of world currencies though, as the US Congress can’t seem to pass tax reform, which is something that boosted the greenback previously as the Donald Trumps’s administration seemed to be quite business friendly.
An upsurge of economic data will make headlines on Friday, as US traders return from Thanksgiving. However, market participants can expect a fairly quiet trading session following the US holiday.
Over the next hour, reports on Italian industrial orders and British mortgage approvals will make their way through the financial markets.
24 November GBPUSD Fundamental Drivers Analysis
Cable printed fresh highs earlier this week as the dollar lost ground on global counterparts. The GBP/USD had lost some of its momentum on Friday, declining 0.1% to 1.3290. The pair faces immediate resistance at Wednesday’s daily high of 1.3312. Support is located around 1.3213.
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