Topic: GBPUSD: Bullish, Remains On Upside Offensive

GBPUSD: The pair faces further upside pressure as it was seen building up on its past gain during Monday trading session. Support lies at the 1.3750 level where a break will turn attention to the 1.3700 level. Further down, support lies at the 1.3650 level. Below here will set the stage for more weakness towards the 1.3600 level. Conversely, resistance stands at the 1.3800 levels with a turn above here allowing more strength to build up towards the 1.3850 level. Further out, resistance resides at the 1.3900 level followed by the 1.3950 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, GBPUSD looks to move further higher on bull pressure.

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Re: GBPUSD: Bullish, Remains On Upside Offensive

The prospect of a global trade war and ongoing Brexit concerns are the two main drivers of GBPUSD this week until the monthly US NFP numbers are released on Friday. However four US Fed speakers are out on the wires Wednesday so traders need to pay attention.

US President Trump’s decision to impose tariffs on steel and aluminium products last week sent a shiver through the US dollar, which gave back a lot of its recent gains. After having touched a multi-week high last Thursday the US dollar faded on commentary by POTUS with traders now looking ahead to Friday’s US non-farm payrolls numbers. Ahead of the monthly release, four Fed officials will opine tomorrow with traders looking for any hints on US monetary policy.