$GBPUSD Forecast: Pound tests key resistance, UK PM Johnson expected to resign by eren_fxstreet forex trading
day. The positive shift witnessed in risk sentiment helps the pair preserve its recovery momentum and buyers could remain interested in case 1.2000 turns into support.
The initial reaction to this announcement provided a boost to the British pound. Reflecting the positive impact of this development on risk mood, the UK's FTSE 100 Index is up more than 1%. In the second half of the day, May Durable Goods Orders and weekly Initial Jobless Claims data from the US will be looked upon for fresh impetus. In case risk flows dominate the markets in the American session, the pair could extend its recovery. Nevertheless, the fundamental picture suggests that the British pound's gains are likely to be limited.23.6% retracement level of the downtrend that started on June 27 forms initial resistance at 1.2000.
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