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Risk-Off Sentiment could push the Pound lower – GBP/USD Market Outlook – 07/08/2020

SquaredFinancial

The Pound drops from its five-month high amid fresh US Dollar buying as market sentiment turns sour after President Trump banned the Chinese social media apps. If the tension between the two countries escalate, then we may see further weakness on the Sterling. However, today’s main event is July’s NFP data, if the Unemployment Rate eases as the forecast suggests, then the USD might find more bid pushing the Cable below 1.31.

Support: 1.3115 / 1.3055
Resistance: 1.3170 / 1.32

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/risk-off-sentiment-could-push-the-pound-lower-gbp-usd-market-outlook-07-08-2020
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