GBP/USD is currently trading above the resistance level of 1.3440. The U.S. dollar is losing its ground against other currencies. It is likely that it will put more pressure on the U.S. dollar as Fed is expected to expends its asset purchase program. GBP/USD will move downside which will be bullish if the U.S. Dollar Index settles below 90.50.
Traders will have the opportunity to evaluate the UK November inflation data. Inflation rate is expected to increase by 0.6% year by year and the core inflation rate is estimate to grow by 1.4%.
Analyst forecast that a move above the resistance at 1.3485 will push GBP/USD towards 1.3500. In case GBP/USD manages to settle above 1.3500, it will move towards the next resistance level at 1.3540 (December highs).
Most likely, GBP/USD will remain highly volatile until UK and EU announce the final results of Brexit negotiations so traders should be ready for fast moves.
FOLLOWME Overall Sentiment (As of 4:20 p.m.)
As shown above, the overall sentiment of FOLLOWME traders in this symbol leans towards short-selling with a ratio of 61.25% while the rest of 38.75% is long position.
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