GBP/USD started the week lower but managed to gain some traction. Covid cases in the UK are rising that may weigh on the Pound. Powell’s speech is consistently keeping the Greenback lower. Brexit concerns may cause serious disruptions in the supply chain. The GBP/USD price outlook is bullish as the US dollar is consistently losing ground after Powell’s speech. However, the rise in Covid in the UK may hamper the gains. The GBP/USD exchange rate rose during the Asian trading session on Monday. Although the pair opened lower, it traded higher due to a broad dollar sell-off. –Are you interested to learn more about ECN brokers? Check our detailed guide- As of this writing, the GBP/USD exchange rate stands at 1.3770, up 0.07% for the day. The US Dollar Index (DXY), which measures the Greenback’s value against its six major peers, traded below 93.00, down 0.08% after FOMC Chairman Jerome Powell spoke at a symposium in Jackson Hole. As a result of little macroeconomic activity last week, the pair traded over limited intraday areas and sentiments. While more than 30,000 new cases of Coronavirus infection are reported every day, and the death toll is increasing by 27% every week, the kingdom continues to operate. This week will be characterized by weak macroeconomic releases and a public holiday at the beginning of the week. Get FREE Forex Signals Now! In a speech last week, Fed Chairman Powell said the central bank was likely to start tightening before the end of this year. However, there will be no change in the Fed’s current trading range until the economy reaches maximum employment and inflation. A major effort is underway from the UK government to fight the chaos of Brexit, so they have rejected requests by a logistics trade body to temporarily relax immigration rules after Brexit due to the threat of shortages of truck drivers and other serious disruptions. Each link in the supply chain contributes to the process. To gauge market sentiment, investors are waiting for the US home sales statistics. –Are you interested to learn more about making money in forex? Check our detailed guide- GBP/USD price technical outlook: GBP/USD 4-hour chart outlook The GBP/USD pair fell to the broken trend channel resistance turned support and is again rising towards the 1.3800 area (200-period SMA on the 4-hour chart). The congestion of 20/50 SMAs on the same chart at 1.3732 also continue to support the upside. The average daily range is so far 40%. The volume is slowly declining for the last few bars. This is a hurdle for the bulls. Otherwise, the Pound bulls look healthy to acquire 1.3800. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Bitcoin Price Remains Stable: Time To Buy Before The Next Move? Gerald Fenech 9 months GBP/USD started the week lower but managed to gain some traction. Covid cases in the UK are rising that may weigh on the Pound. Powell's speech is consistently keeping the Greenback lower. Brexit concerns may cause serious disruptions in the supply chain. The GBP/USD price outlook is bullish as the US dollar is consistently losing ground after Powell's speech. However, the rise in Covid in the UK may hamper the gains. The GBP/USD exchange rate rose during the Asian trading session on Monday. Although the pair opened lower, it traded higher due to a broad dollar sell-off. –Are you interested… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.