GBP USD TECHNICAL ANALYSIS
The Pound continues to keep prices above the 1.30 level but will it continue?
Today we have the US interest rate announcement – an important figure in itself that will affect the entire Forex market and probably the pound,other than that the main driver of Sterling’s recovery is a more promising outlook for Brexit negotiations: even though Theresa May plan is dead, investors believe she will deliver something European leaders can accept at the extraordinary summit set for November.
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| GBP USD CHART |
Does the pound continue to trade above the 1.30 level or is it just a temporary lull?
GBP USD Technical analysis
Long-term chart is showing to us that As long as GBP USD will stay below 1.3920+_ Key support the trend is down Below 1.3130 price area, it could bring larger down trend resumption, while we have first to meet 1.3020. On the downside, break of 1.2840 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 current and below
Short-term chart as a long as GBP USD will trade above 1.3020 the next resistance will stay on 1.3280- 1.3320-1.3460+_, those are the areas for topping correction after the long decline from 1.4360 -However a daily break of 1.3460 would bring stronger rebound to 61.8% retracement at 1.3920+_, I believe that the pound will not succeed in breaching the 1.3460 level _ and the probability of further declines is higher than the breach of resistance Overall, I’m expecting a reversal in the 1.3320-1.3460 area
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| GBP USD ANALYSIS |
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