Currently, it's trading around 1.3200 as uncertainty still remains the predominant market emotion. We would need price to close above 1.3250 in order for the bullish move to continue. On the other hand, if price breaks the support at 1.3120 we are likely to see a continuation of the bearish short-term trend.
Major bear target is seen at 1.3050, while major bull target is seen at 1.3350. The pair has been trading sharply to the downside these past few weeks so we might be in for a corrective rally that would stabilize the price.
Chart: GBP/USD H4
Now is dropping like a rock.
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteConsolidation continues for now.
ReplyDeleteI'll keep those levels in mind.
ReplyDeleteVery helpful analysis!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeletePound bounced off between 1.307 to 1.33, but Gbp/Usd is still weak.
ReplyDelete