Pound-Dollar Week Ahead Forecast: Beware a Big Breakdown

– GBP/USD towards bottom of 2021 range
– Commerzbank sees support likely holding
– But warns of “BIG” breakdown point

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  • GBP/USD reference rates at publication:
  • Spot: 1.3683
  • Bank transfers (indicative guide): 1.3304-1.3400
  • Money transfer specialist rates (indicative): 1.3560-1.3615
  • More information on securing specialist rates, here
  • Set up an exchange rate alert, here

The Pound-to-Dollar exchange rate starts the new week at 1.3670 which places it towards the bottom of a range that has held since February, but one technical analyst says notable support located nearby will remain hard to crack.

Analysis from Commerzbank shows 1.3557/78 to be a near-term line in the sand for the Pound-Dollar exchange rate, confirmed by a bounce from this region towards the end of the previous week.

“GBP/USD recovered last week from the 1.3557/78 July low, February low and long term Fibo, which suggests a reluctance to break down at this stage,” says…

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