GBP/USD cross up 1.30 price level, technical analysis forecast update
So many words were written here about the GBP/USD – What will happen to the Pound after Brexit?
GBP/USD has cleared resistance the 1.3000 level today, reaching the level since late September 2016 due to good data: UK Retail Sales volume surged 2.3% in April, compared to the consensus forecast for an increase of 1.0%. The year-over-year increase of 4.0% was also higher than the expected reading of 2.1%. The March monthly decline was also revised from 1.8% to 1.4%. Core Retail Sales rose 2% month-over-month, while the year-over-year rate was at 4.5%, versus an expected figure at 2.5%
last Thursday the GBP/USD falling sharply from 1.3040 to 1.2890 Volatility back, The pair fell some 100 pips and bounced back, last week closed Friday above 1.30 level on 1.3035 price.
there’s a general election next month in the UK don’t forget!
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Expect strong resistance below 1.3300 to bring larger down trend resumption, while we have first to meet 1.3080 . On the downside, break of 1.2860 support will indicate short-term topping. If it will fail to stay above the level it will be turned back to the downside for 1.2640 support
The current upside target for GBP/USD comes in ahead of this key resistance level, at approximately 1.3260. This target was derived from the resistance (white band ) through all his decline from 1.57_+ area – mark on the chart below
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