GBP/USD Hot Forecast for 15 June

  • GBP/USD witnessed some heavy selling on Tuesday and dropped to one-month lows.
  • COVID-19/Brexit woes acted as a headwind for the sterling amid a stronger greenback.
  • Mixed US macro data did little to provide any meaningful impetus or lend any support.
  • Investors might refrain from placing any aggressive bets ahead of the FOMC decision

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GBP/USD has bounced off the fresh two-month low of 1.4034 but remains depressed. The delay in Britain's reopening is outweighing upbeat UK job figures. Tension is mounting ahead of the Fed.

While the currency pair tripped below the support on the four-hour chart, momentum is only marginally to the downside. Bears are in thae lead, but bulls may still give a fight.

Pound/dollar faces critical support at 1.4070, a double-bottom formed in recent days, and it is followed by 1.4050, 1.4010 and 1.3980, all levels that were last seen in early May.

Resistance is at 1.41, which provided support early in the week, and it is followed by the daily high of 1.4030. Further above, 1.4185 was a high point last week.

The material has been provided by InstaForex Company - www.instaforex.com

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