GBP/USD is testing the resistance at 1.3300, which coincides with the (MA)89 indicator on the weekly time-frame. If it breaks out above that level there will likely be a further move to the upside towards 1.3500 - 1.3520.
Risk remains on the upside, Gbp/Usd consolidate just below 1.3300 level. This week all focus on the EU summit and Theresa May’s ‘emergency’ trip to Brussels on Monday.
The British pound recorded an increase against the US dollar on Friday. The session started at 1.3260 and the currency pair jumped out of the support at 1.3260. Eventually the session ended at 1.3287 and in case the bullish moods of the last few sessions continue, we can expect a break of the first resistance at 1.3440.
Key levels to watch for:
Support: 1.3260; 1.3100;
Resistance: 1.3440; 1.3600;
Pound / dollar gained momentum over the past week, forming a peak of 1.3337 after three consecutive descending candles per weekly chart. Expectations are neutral, probably with light bears signals, as we have a downward pin bar after the rejection of the resistance above 1.3330 for the 1.3225 test. Basically I stay in the bear camp, but I need a clear break above 1.3330 to re-activate my bullish model for retesting 1.3615.
GBP/USD bounced off from 1.3340 and is currently testing the support at 1.3155. A breakout below that level will likely lead to a drop towards 1.3090, which is the (MA)89 indicator on the daily time-frame. On the other hand, if it bounces off from 1.3155 it could rally back to 1.3250.
The British pound recorded a modest rise against the US dollar on Wednesday. The session started at 1.3188 and the pair added 16 pips. Graphics continued to grow below moving averages, while the relative strength index remained neutral. Attitudes remain positive, with more serious testing than the current 1.3260.
GBP/USD bounced off yet again from the (MA)89 indicator on the daily time-frame at 1.3090. That said, it’s doubtful it will break out above 1.3200 before the market closes for this week.
Gbp/Usd is neutral around 1.3180/90, showing no clear directional strength for now. Market continue to focus on any further Brexit development and we have UK GDP this week too.
GBP/USD broke out above 1.3200 and continues moving to the upside. Next target is likely the previous high at 1.3328. A breakout above that level could lead to a further move to the upside towards 1.3400.
GBP/USD has a strong upward rally and jumped above 1.3230 following the bounce off the 100 daily SMA.
The British pound fell against the dollar: the pair GBP/USD dropped by 0.14% to 1.3245. Investors are fixing profits after the increase on Wednesday. On Wednesday, the British pound rose in price by 1% after the release of the report on the acceleration of GDP growth in the UK in the third quarter, which increased the chances of raising the interest rate by the Bank of England next month.
Brexit talks continue to be in centre stage, Theresa May under pressure to leave EU with no deal. Pound is consolidating in the negative territory just above 1.31 level, showing no clear directional strength for now.
GBP/USD is posting the second positive day and runs towards 1.3280 and 23.6% Fibonacci retracement level (low at 1.2110 and high at 1.3655).
GBP/USD is testing the resistance at 1.3270 of the sideways consolidation yet again. A breakout above that level could lead to a further move to the upside towards 1.3340.
GBP/USD dropped sharply after the news that the Bank of England has hiked the interest rate from 0.25% to 0.50% but it still hasn’t broken out below the support at 1.3030. The fundamentals tomorrow may give it the necessary push to do that.
Pound / dollar had a strong bearish momentum yesterday, after failing to break above the key resistance of 1.3330, reaching a bottom at 1.3042. The commercial signals are bearish for testing the daily EMA 200, located in the 1.3000 area. This region remains a good place to buy with tight stops, as a clear break and a daily / weekly closure below 1.30 will stem the main upside trend with a potential downside reversal scenario. The closest resistance is seen at 1.3135, whose breakthrough can take the price to a neutral zone with testing at 1.3200.
The British pound was up against the US dollar on Friday. By the close of US trading, GBP / USD is trading at 1.3077, gaining 0.13%. I believe that support is now at around 1.3040, the low of today’s trading, and resistance is likely at the level of 1.3321 - the maximum of Wednesday.
Brexit negotiations have seen no progress so far, uncertainty of the future Brexit talks will remain pressure on Pound. Gbp/Usd is consolidating around mid level between 1.30 to 1.31, showing no directional strength short term.
GBP/USD bounced off from 1.3030 again and the pair formed a double bottom at that level. There will likely be a new move to the upside towards 1.3300.