Fundamental view:

US President Trump Speech at July 21^st and CBI Industrial Order Expectations at July 23 put pressure on the pair last week gave a downward trend whereas Great Britain Public Sector Net Borrowing at July 21^st and US Crude Oil Inventories at July 22^nd impacted the pair positively and formed a bullish trend. US Unemployment Claims has a drastically increased whereas Great Britain Flash Manufacturing PMI showed improvement all this added extra strength to the pair last week.

The covid 19 cases were at a continuously increasing pace in US last week impacting USD negatively. GBP/USD showed a bullish trend last week.

The major economic events deciding the movement of the pair in the next week are UK Nationwide HPI monthly report at Jul 27,US CB Consumer Confidence at Jul 28, UK M4 Money Supply monthly report, FOMC Press Conference at Jul 29, US Advance GDP quarterly report, Unemployment Claims at Jul 30.

GBP/USD Weekly outlook:

Technical View:

Last week’s high was 1.08% higher than the previous week. Maintaining high at 1.2803 and low at 1.2518 showed a movement of 285 pips.

In the upcoming week we expect GBP/USD to show a bullish trend.  The currency pair is trading above the 100 Simple Moving Average and the MACD trades to the upside. A solid breakout above 1.2893 may open a clean path towards 1.2991 and may take a way up to 1.3178. Should 1.2323 prove to be unreliable support, the GBPUSD may sink downwards 1.2420 and 1.2323 respectively. Chart formation of Ascending Triangle breakout formation in H4 chart favors prospects of a bullish trend. Three white soldiers formation escalates the expectation for a bullish trend.