The British pound started the week with an increase, recording a second consecutive positive session. The pair climbed 41 pips to 1.2991, but remained at a record low for the past 31 years levels. The daily limit values were noted at 1.3017 and 1.2850. Bears remain in a leading position, but relative strength index issued for weakness. Break of 1.3110 will contribute to positive attitudes with probable next target 1.3530.
On Tuesday, the dollar falls against other major currencies as investors shifted attention to the forthcoming meeting of global central banks on expectations of additional stimulus measures from their side.
GBP/USD rose to 1.3267, rebounding from a 31-year low of 1.2794 reached last Wednesday.
Trading sentiments for GBP/USD today: to buy above 1.3180 with targets 1.3350 and 1.3425. Alternative scenario: The downside breakout level of 1.3180 will open the way to 1.3110 and 1.3045.
Due to the forthcoming meeting of the Bank of England, the attention of market participants are still focused on the price dynamics of the British pound. After renewing the maximum in the Asian session GBP/USD corrected to 1.3336 to 1.3220. After a brief correction the pair has recovered to 1.3296. Currently pound against the US dollar is quoted at 1.3162.
4 Hour Chart
1 Hour Chart
On the 4h chart it looks like the price has bounced and could be headed for a slightly bullish move. It has fallen below the long term trend line, though, so not sure about the strength of the trend. May be short lived.
Also, on 1h chart looks quite bearish. We may see a bounce back to the bottom of the cloud before a stronger bearish move.
I’m bullish on this pair but I don’t see enough here to commit to it
After rising the previous days GBP is losing ground, indicating a return to average values. The clearest manifestation of the weakness of sterling can be seen in the GBP/USD pair dynamics.
The British pound fell against the dollar on Friday. At the close of trading session GBP/USD is traded at 1.3179, shedding by 1.20%. I believe that the support is now located at the level of 1.2849, Monday’s low, and resistance is likely to be at the level of 1.3481 - the maximum of Friday’s trading.
Looking forward for the next week’s GDP statistics and mortgage lending data in the UK. It’s all old data on the “other” Britain, but if they would be worse than expected, the sterling would not escape from the Bank of England’s easing policy in the beginning of August.
GBP - During morning trading EUR/GBP reached local highs near 0.8425 on a stronger euro, whereas yesterday’s strong GDP data for the British pound left untouched since figures have lost their relevance.
The British Pound was up against the US Dollar on Friday. At the closing of trading session EUR GBP / USD has traded at 1.3228, gaining 0.49%. I believe that the support is now located at the level of 1.3055, Tuesday’s low, and resistance is likely at level of 1.3302 - a maximum of Friday’s trading.
The pair pound/dollar started to grow at the weakening of the dollar, but not strong. A support for the pound had the statistics. The volume of consumer credit in June increased from 1.59 to 1.87 billion. Mortgage lending in the same month increased from 2.90 to 3.3 billion. However, these data are insufficient for the couple go out from the lateral movement. Maybe next week something will change.
Significant growth marked the pound against the dollar on Tuesday. So the British currency fully recovered its losses from the previous session and with a maximum for the day at 1.3364 has breached the first resistance at 1.3342. Short-term expectations are still in favor of the pound. In this case the pair can make a second test at a key level 1.3496. The Tuesday session opened at rate of 1.3174 and bullish trend was leading from the start. Finish line was crossed at a price of 1.3353.
Pound/dollar had upward momentum yesterday, topped at 1.3364. The bias is bullish in nearest term testing of 1.3400/20, but I mainly stay in the camp of bears yet. First support is seen at 1.3300. A clear break below that area could lead the price to neutral trade zone testing 1.3250 or lower.
Key levels to watch for today:
Support: 1.3051; 1.2790;
Resistance: 1.3342; 1.3496.
The British pound fell against the dollar on Friday. By the end of trading session GBP/USD was traded at 1.2914, shedding 0.32%. I believe that the support is now located at the level of 1.2904, the low of Friday’s trading, and resistance is likely to be at the level of 1.3097 - Monday’s high.
Most of the week the pound stayed lower than 1.30. GBP/USD has fallen after the house price balance in the UK appeard much worse than expected. The indicator was only 5% instead of the expected 15%. At the same time RICS said, that the fall in sales was the biggest since the financial crisis in 2008, the rise in prices in July was the slowest in three years, while the volume of new sales fell. This shows that the real estate market is already adjusting to the decision of the UK to leave the EU, and as British consumers are so heavily dependent on property prices, their sudden drop may affect consumer spending in the future.
GBP/USD: As expected, the pair formed a downward trend and it’s moving to its historical lows. The next target level for the pair will be 1.2796, and later 1.2745.
Key levels to watch for:
Support: 1.2790; 1.2500;
Resistance: 1.3080; 1.3240; 1.3365.
The British pound fell against the dollar on Friday. By the close of trading GBP/USD was traded at 1.3076, shedding 0.71%. I believe that the support is now located at the level of 1.2863, Monday’s low, and resistance is likely to be at 1.3174 - maximum Thursday.
The pound finished the weekly session against the US dollar at 1.3076, down by 0.7%, but for the week rose by 1.2% on reduced concerns about the growth prospects of the national economy after Brexit.
Sterling jumped to 1.3184 after data showed that retail sales, employment and inflation beat forecasts, suggesting that the UK economy is stable after the British decision to leave the European Union.