The GBPUSD price is still trading below 1.3200 but is there opportunities for the price to move higher?
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The GBPUSD price could move higher in the near term if the USD continues to weaken. The strength meter this week highlighted the potential for the GBP to get stronger as it has started to move from the extreme lows. Not only this but the USD has come under pressure this week as the Fed looks to tackle the rising inflation. NFP reports out at the end of the week forecasts a positive outlook which could put further pressure on the Fed to act more aggressively. This could have a negative impact on the USD in the mid term which could help the GBPUSD price break higher.
If the USD Index breaks through the range lows we could begin to look for long opportunities on the GBPUSD as this would likely see the price break above the 1.3200 level. Alternatively, if the USD index finds support at the range lows we can look for the price of GBPUSD to move to the 1.3100 support. If buyers step in at these zones we could look for short term long opportunities and if the price breaks 1.3200 we could look for longer term opportunities.
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