GBPUSD extending its bearish momentum for the third consecutive day after retesting the long term daily trendline at 1.30800 last week as the Dollar experiences weaker economic release.On Tuesday the UK government announced that Britain would take part in European Parliament elections this month. The pair started the week with a bearish move as the banks was closed due to U.K Holiday.
Forming lower lows, Cable can extend its bearish momentum en route targeting the psychological Level at 1.30000, breaking the hourly trendline in the early Asian sessions. Looking ahead to Thursday, the US Dollar (USD) could rise against the Pound (GBP) following the release of the US Producer Price Index (PPI) excluding food and energy.If US PPI rises higher than forecast in April, it could buoy the US Dollar.
Meanwhile, later in the day the Federal Reserve Chair, Jerome Powell is due to give the opening remarks at a Fed community development conference. Both Chicago Fed President Charles Evans and Governor Brainard are also due to speak at the event.If monetary policy is mentioned, and the tone is overly dovish the Pound US Dollar (GBP/USD) exchange rate could rise.
GBPUSD TODAY:
Daily open: 1.30633
Daily Last high: 1.30805
Daily Last Low: 1.1.30014
Daily current growth: -0.45%
