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GBP/USD Daily Fundamental Forecast – November 17, 2017

Colin First
Updated

The GBPUSD pair has been chopping around, like most of the other pairs related to the dollar as the dollar strength waxes and wanes during the course of the week. It has to be said that to the credit of the pound, it has been generally faring much better than the other currencies and it looks as though there is some serious underlying strength in the currency.

GBPUSD Looks Strong

It is this strength that has helped it to bounce strongly off the support region near 1.3060 everytime that there has been a sell off. It remains to be seen how long this can be going on but for now, the pair trades comfortably and strongly above 1.32 and looks good for more. That the pound has been able to trade in a strong and steady manner despite some weak data over the course of the week from the UK and continued domestic trouble for the UK PM May since the beginning of the week, shows that the weakness in the dollar has also helped the pound.

GBPUSD Hourly
GBPUSD Hourly

It has also helped the pound that the UK PM May has been able to ward off any troubles to her government so far. There were reports at the beginning of the week that around 40 MPs of her own party who did not want her to continue but that story has not developed too much during the course of the week which could mean that she has managed to successfully ward off this challenge. But the pressure on her is clearly evident and it remains to be seen how much longer she would be able to hold on.

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Looking ahead to the rest of the day, we do not have any major news from the UK or the US for the day and hence we should be seeing some consolidation with a bullish bias. We are getting on to the end of a volatile week and hence watch out for some even more volatile moves as the liquidity thin out.

This article was originally posted on FX Empire

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