GBPUSD Daily Analysis, August 01
The GBPUSD pair trading around 1.2100, the lowest since January 2017. For the time being, buyers can discover support from offers around 1.2100, also at the 1.2110 level.
There are two important support points as the drawback trendline from last August just as the March 2017 low. That will be the key spot to watch in front of the daily close. Also, further support is just observed near 1.2000 with the 2017 low @ 1.1986 likewise set to come into core interest.
There are key risk events that could affect price action further in Cable. Sellers will be waiting for the BOE to reaffirm the momentum to the downside later today.
In the US, there’s the manufacturing PMI data before the Non-Farm Payrolls report tomorrow. Those will still play into Fed rate cut expectations.