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GBP/USD has been impulsively bullish recently. The pair is expected to show some retracement towards the nearest support before climbing up higher. Recently Bank of England Governor Carney's speech was dovish in nature as he spoke about tightening for better control over the economy but did not provide any information about the timing of the nearest rate hike. The dovish speech shifted the market sentiment to bearish from bullish but it is expected to be a short-term bearish phase before the market bounces off to create new higher highs in the coming days. Today there are no first-tier economic events or reports from the UK that leads to a slow market movement and minimal bullish pressure in the market. On the other hand, today US Building Permits report is due later today which is expected to show a slight decrease to 1.22M from the previous figure of 1.23M, Current Account is expected to show a less deficit of -115B from the previous figure of -117B, Housing Starts are expected to increase to 1.17M from the previous figure of 1.16M, and Import Prices are expected to increase to 0.4% from the previous value of 0.1%. Though the forecasts on the USD side today is not quite satisfactory but better-than-expected data can lead to further gains of USD, taking the price lower towards the nearest support levels in the coming days. Ahead of the FOMC policy meeting this week, any positive economic report from the US will help the greenback to gain ground in the coming days.
Now let us look at the technical chart. The price has recently formed a bullish rejection candle with a strong bearish body which signals that the price is expected to move down in the coming days. As the dynamic level of 20 EMA is also quite far away from the current price, the price is likely to fall back down to the 1.3370 support level. If price somehow bypasses the nearest support of 1.3370 with a daily close, we will still be bullish, expecting the price to bounce off the trendline support or support area of 1.3050-1.3120.
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