The GBPUSD currency pair represents the exchange rate between the British Pound Sterling (GBP) and the United States Dollar (USD). It shows how many US dollars are needed to purchase one British Pound. For example, if the current exchange rate is 1.35, it means that 1 British Pound is equal to 1.35 US dollars.
The GBPUSD pair is one of the most widely traded currency pairs in the foreign exchange (forex) market and is often referred to as “Cable” in trading slang, originating from the time when the exchange rate was transmitted between the two countries via underwater cables in the mid-19th century.
Factors influencing the GBPUSD exchange rate include economic data from the UK and the US, such as GDP growth, employment figures, inflation rates, central bank policies (Bank of England and Federal Reserve), geopolitical events, and market sentiment.
Traders and investors analyze these factors to make informed decisions about buying or selling the GBPUSD pair, aiming to profit from changes in exchange rates.
Price is rising towards the pivot at 1.26860 which is also a pullback resistance that aligns with the 50% Fibonacci retracement. A potential reversal from this level could lead the price to drop to the 1st support level at 1.25860 which is a pullback support level.
Recommendation: Sell limit @ 1.26850 Take Profit: 1.26150/1.25850
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GBPUSD analysis on dated 04-08-2022
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