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GBP/USD: Weekly Forecast 28th May - 3rd June

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Support levels have continued to prove vulnerable in the GBPUSD as nervous trading conditions highlight Forex-

U.S Federal Reserve’s Federal Funds Rate Outlook is Gloomyin the U.S., and their interest rate policy rhetoric has seemingly opened the door for more increases.

Speculators need to be aware that tomorrow is a banking holiday in the U.K. and U.S., and this will dramatically lower trading volume which could cause some volatility in the Forex market. However, full transaction power will return on Tuesday and financial institutions will try to decipher their GBP/USD crystal balls nervously.

U.S. consumer sentiment numbers will be published on Tuesday, and the jobs and earnings data this coming Friday could stir the GBP/USD. If the GBP/USD cannot mount an attack on the 1.24000 level, and sees trading sustained below the 1.23600 ratio this would be a negative sign.

 

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