GBP/USD looks to close the week with modest gains. At the moment, the pair is up 0.23% on the day at 1.3083. “‘”It probably gives time for economic agents to better prepare for all options, particularly industrialists and workers, in order to try to secure their future,” Lagarde elaborated. As of writing, the DXY is losing 0.26% on a daily basis at 96.92.
Today’s data from the U.S. revealed that the consumer confidence deteriorated in April with the UoM’s Consumer Confidence Index dropping to 96.9 from 98.4 in March.
Technical outlook by FXStreet Analyst Yohay Elam
Pound/dollar is trading in a narrowing wedge or triangle. 1.2980 is the low point for April. 1.2960 was the low point in March and where the uptrend support line begins. 124 capped the pair in mid-April and serves as the initial resistance line.
The 1.3260-1.3270 area capped the pair in late March and also beforehand. 1.3315 was a stepping stone on the way down in April, and 1.3388 was the cycle high recorded in mid-March, where the downtrend resistance line begins. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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