Week Ahead Pound-to-Dollar Exchange Rate

The Pound hit repeated new multi-month highs against the Dollar in recent days after cracking a tough level of resistance on the charts although Thursday's general election is now looming over the British currency and even technical analysts are warning of a possible retreat in the Pound-Dollar rate.

The Pound rose almost one percent against the Dollar last week and is poised for further gains ahead, according to analysts studying the charts, although election headlines have turned into a headwind and could weigh on the British currency in the days ahead while the Dollar is being tippped to remain on its front foot. 

The Pound-to-Dollar rate retains an upside bias on the charts and could still reclaim its May 2019 high in the weeks ahead, according to technical analysts at Commerzbank, although a narrowing Conservative Party lead in the opinion polls is a risk to the British currency. 

The Pound-to-Dollar rate will remain on its front foot this week but although gains will be limited a series of 'resistance levels' on the charts, according to technical analysts studying the charts, although others are warning that Sterling would be likely to retreat if the Conservative Party poll lead shrinks at any point.

Studies of the GBP/USD charts suggest immediate mild weakness on the horizon followed by a sideways trend and the possibility of eventual upside in the long-term.

Studies of the GBP/USD charts suggest the short-term uptrend will probably extend, particularly now a break above the major trendline has been confirmed.

Studies of the GBP/USD charts suggest a multi-week uptrend will likely eventually extend, however technical studies suggest the exchange rate might struggle in the immediate-term while rising political uncertainty will provide the fundamental backdrop for steering clear of Sterling.

The Pound-to-Dollar exchange rate is trading at 1.2974 at the start of the new week after rising 2.61% in the week before. Studies of the charts suggest the pair is likely to continue higher as the short-term uptrend extends.

If we were to strip out the Brexit imponderables and looked at the GBP/USD from a purely technical perspective, we can see potential for the exchange rate to go as high as 1.30.

Studies of the GBP/USD charts suggest weakness is possible, but we note a critical week for Brexit negotiations lies ahead and this could inject heightened two-way volatility into Sterling.

Studies of the GBP/USD charts suggest further weakness is possible subject to a break below a strong support zone which lies just below the current market level.

GBP/USD is in a new uptrend which is likely to extend to a trendline and MA target at 1.2700, much will dependen on whether further progress is made on the Brexit front and with this in mind Prime Minister Johnson's meeting with EU leaders in New York will be key.

The Pound-to-Dollar rate is set to begin trading around 1.2485 at the beginning of the new week after closing the previous one around 1.68% higher on Friday and studies of the charts suggest the pair has established a new uptrend that could take it higher in the days ahead. 

GBP/USD has shown strength in previous week, suggesting possibility of continuation higher.

Recent GBP/USD weakness throws the young uptrend into doubt, but we are wary of heightened politically-inspired volatility in all Sterling exchange rates over coming days.

The GBP/USD rate is trading at 1.2244 at the start of the new week after rising almost 1.16% in the week before and studies of the charts suggest that the short-term trend has turned positive.

Studies of the Pound-Dollar charts suggest that the short term trend may have reversed, increasing the risks of more upside.

Pound Sterling has declined by 5.64% against the Dollar thus far in 2019, and technical studies of the charts suggest the pair will continue falling in line with the dominant downtrend.

Concerning the outlook for GBP/USD, studies of the charts suggest the pair is at a crossroads with a 'hard' floor of support underpinning the British currency.

The Pound-to-Dollar rate is set to begin trading around 1.2498 when the market opens after falling back to its January lows in the previous week, where Sterling has found significant technical support even if the overall trend is still to the downside.