Forex Daily Forecast, Analysis and Prediction

The British pound initially pulled back on Wednesday to test the 200-day EMA and the 1.37 handle.

Resistance at 0.7280 is holding so far.

The 1.1761 level looks pivotal as current basing support.

Will Powell talk the markets down? Or will the uncertainty in the US economy and rising infections lead him to take a softer stance until further notice?

The GBP/USD price was little changed in the overnight session as focus shifts to the virtual Jackson Hole summit that kicks off today.

The BTC/USD price has gone nowhere this week as investors assess its recent strong rally.

$46,595 is likely to be today’s pivotal point.

DOT/USD has stumbled slightly from its mid-term highs and is traversing near the important 25.0000 ratio as of this writing.

The USD/ZAR has been able to reverse lower and it is near the important 15.00000 level once again, and intriguingly, the Forex pair has correlated well to the broad Forex market.

The USD/INR continues to show more bearish sentiment as important short-term support ratios are within sight which may attract speculators.

The USD/SGD has produced a bearish reversal the past two days after the Forex pair was not able to maintain its higher values above the 1.36000 ratio.

Buyers shying away from the US dollar and the rapid spread of the Delta variant contributed to a strong bullish momentum for gold.

The USD/JPY has been moving in a narrow range, with markets and investors awaiting the Jackson Hole Symposium.

With buyers shying away from the US dollar until the Jackson Hole Symposium, the GBP/USD failed to move past the 1.3747 level and settled around 1.3715 as of this writing.

The EUR/USD has been trying to correct upwards, but its gains did not break through the 1.1765 level, instead settling around 1.1740 as of this writing.