Forex Daily Forecast, Analysis and Prediction

For three consecutive trading sessions, the GBP/USD price attempt, according to the performance on the daily chart, crossed the 1.2670 resistance to complete the bullish correction path that started at the end of June trading.

After testing short term support levels in early trading yesterday, the USD/MXN has reversed as solid bullish momentum has surged.

The Indian Rupee continues to experience a loss of value to the US Dollar.

The USD/SGD has seen buying emerge early this morning as the forex markets likely reacted to economic data published in Singapore which shows its economic growth took a huge hit statistically.

Pakistani Prime Minister Imran Khan approved a review of regulatory restrictions to tab the full economic potential, and digitalizing sectors remains a priority.

Frustrated South African President Cyril Ramaphosa revised the conditions to the level three Covid-19 restrictions to ban the sale of alcohol to prevent related hospital submission.

Silver markets have rallied again during the trading session on Monday to kick off the week but gave back quite a bit of the gains late in the day as the US dollar suddenly surged in value.

The British pound initially rallied during the trading session on Monday but found the 1.2650 level to be a bit too restrictive to get over.

The Australian dollar initially tried to rally during the trading session on Monday to kick off the week, but you can see that we are falling again from the 0.70 level.

The Brazilian Real continues to be very choppy and noisy against the US dollar as we try to figure out what the situation is in Latin America.

GBP/USD performance last week was remarkable, as the pair moved positively towards the level 1.2670 resistance despite the failure of the last round of negotiations between the two sides of Brexit, the European Union and Britain, and the pessimistic comments by the British Treasury Secretary after announcing the stimulus plans.

The Brazilian Real has essentially traded in a range between 5.0000 and 5.5000 the past month with intermittent trends depending on global risk appetite and sentiment being generated domestically.

The USD/ZAR has busted through critical support levels early this morning as a wave of selling continues to improve the value of the South African Rand.

GBP/USD: Bulls need more momentum to break resistance

The USD/PKR has tested higher resistance and lower support levels the past few trading days and has proven the importance of solid risk management.