USD weakness in Europe will help GBP increase slightly today.
Analysts predict that the dollar's current weakening trend will continue. Nearly two-thirds majority, 28 out of 45 analysts, claim that the dollar is likely to trade below current levels against major currencies by the end of the year. They also predict it will fall against the euro and other G10 currencies over the next 12 months.
The pound, up about 1.5% in 2023, is expected to rise 3.5% to $1.27 in a year. Emerging market currencies are predicted to show notable gains against the US dollar's retreat next year.
GBP/USD's recent rally has come to an end as the pair is now back at 1.2300 after hitting a peak of 1.2428 on Monday. The US dollar is also weakening as traders begin to price in a series of interest rate cuts in the US next year. From a technical perspective, the 200-day SMA acts as resistance, above which is 1.2447 and the 50% fibo retracement at 1.2471. Support lies at 1.2200.
The pound, up about 1.5% in 2023, is expected to rise 3.5% to $1.27 in a year. Emerging market currencies are predicted to show notable gains against the US dollar's retreat next year.
GBP/USD's recent rally has come to an end as the pair is now back at 1.2300 after hitting a peak of 1.2428 on Monday. The US dollar is also weakening as traders begin to price in a series of interest rate cuts in the US next year. From a technical perspective, the 200-day SMA acts as resistance, above which is 1.2447 and the 50% fibo retracement at 1.2471. Support lies at 1.2200.
✔️ TP1 1.2310
✔️ TP2 1.2330
❌ SL 1.2230