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Extreme Dollar Bearish Sentiment pushing the Pound lower – GBP/USD Market Outlook – 03/08/2020

SquaredFinancial

Similar to the Euro, the Sterling stepped back from March highs on Friday and closed below 1.31, as the bears are eyeing for further downside towards 1.30 and beyond. The Pound surged to multi-week highs last month taking advantage of the broad Dollar weakness, disregarding the real issues such as COVID-19 wave 2.0 and Brexit uncertainties. However, the euphoria seems like it is wearing off as the bears are taking back control. Today, UK’s Manufacturing PMI can push the pair higher, however the main sentiment remains bearish for now.

Support: 1.3060 / 1.30 / 1.2950
Resistance: 1.3140 / 1.32

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/extreme-dollar-bearish-sentiment-pushing-the-pound-lower-gbp-usd-market-outlook-03-08-2020
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