GBP/USD analysis by the Mallicast team

Sep 2

The Mallicast team's analysis for the GBP/USD currency pair is as follows: Considering the long-term bullish leg that has been observed in this pair, we may initially see a price drop to the level of 1.30427. This decline could be due to profit-taking by traders or a reaction to negative economic data. After this drop, a short-term upward movement to the price of 1.31249 is expected. This upward move indicates a renewed effort by buyers to re-enter the market, although the momentum is likely to be relatively weak and will experience only a minor correction. Following this phase, the price is anticipated to rise again, reaching the level of 1.32350. This upward movement could be driven by increased demand for the British pound or a weakening of the US dollar. The analysis suggests that the market may react to significant political or economic events that could impact the currency pair's movements.