GBP/USD has been quite corrective recently which is currently showing some bearish pressure closing below 1.3150 support level with a daily candle. The weakness of Pound is driven by the Brexit impact and expected the weaken further in the coming days whereas US rate hike is expected to happen in December. Today GBP Prelim GDP report is going to be published which is expected to be unchanged at 0.3%, High Street Lending is also expected to be unchanged at 41.8k and Index of Services is expected to decrease to 0.4% from the previous value of 0.5%. On the USD side, today Core Durable Goods Orders report is going to be published today which is expected to be unchanged at 0.5%, Durable Goods Orders report is expected to decrease to 1.0% from the previous value of 2.0%, HPI report is expected to increase to 0.4% from the previous value of 0.2%, New Home Sales report is expected to decrease to 555k from the previous figure of 560k and Crude Oil Inventories is expected to decrease the deficit to -2.6M which previously was at -5.7M. As of the current scenario, a series of high impact economic reports are going to be published on GBP and USD today whereas USD is expected to have an upper hand over GBP.
Now let us look at the technical view, the price is currently residing below the dynamic level of 20 EMA which is acting as a resistance inside the resistance area of 1.3150-1.3270. The price has been impulsively bearish recently which engulfed the recent bullish price action and currently expected to have bearish pressure towards 1.2770 support level in the coming days. As the price remains below 1.3270 resistance level the bearish bias is expected to continue further.
