GBP/USD likely direction

The British Pound was up against the US Dollar on Friday. By the close of US trading GBP/USD was trading at 1.2174, gaining 0.12%. I believe that the support is now located at the level of 1.2036, Wednesday’s low and resistance is likely at the level of 1.2318 - the maximum of Thursday.

Key levels to watch for:
Support: 1.2150;
Resistance: 1.2360; 1.2515; 1.2700.

The pair is trading in a relatively tight range around 1.20/21 after a big gap, but Pound is very fragile and highly dependable on political factor, all focus on May tomorrow. I’m expecting further decline, next target will be at 1.1900 zone.

May paint a quite clear picture, Pound rebound after her speech, aiming 1.2500 region. But uncertainty remains, I still expect Pound remains under pressure after the rebound.

The pound recorded a powerful increase against the dollar on Tuesday. British currency registered its biggest one-day rise in nearly a decade. So resistance at 1.2314 was breached and the pair made a test on the second level at 1.2425. Short-term expectations remain in favor of the pound. Trade was opened at a price of 1.2044 as bulls guided currencies from the beginning. The rally of the pound strengthened after the statement of Theresa May on Brexit votes and so the closing price coincided with the highest value for the day - 1.2414.

Key levels to watch for:
Support: 1.2034; 1.1627;
Resistance: 1.2314; 1.2425;

Yesterday’s gain seems short-lived, the Pound has pulled back and risk remain towards the downside, next resistance level can be found at 1.2200/2190 zone. Uncertainty is still high, many unknown still ahead of us.

Pound/dollar has strong momentum down yesterday, formed a bottom at 1.2253. Currently the price tests 1.2270 resistance. A clear break above this level will take price to neutral trading zone testing 1.2400. The bias is neutral, possibly with slight bearish signals in the short term to test 1.2100 - 1.2080. Immediate support is seen at 1.2200.

The pair is in a short term consolidation mood just above 1.23 level, with upside limited around 1.2350/40 zone. Focus turn to Trump tomorrow.

Trump’s inauguration speech may increase volatility but Gbp/Usd did not change much, still trading in a range, consolidation seems continue, strong resistance level can be found around 1.2415/2420 zone.

Market fears the uncertainty of Trump’s policies, Pound is going up against dollar, immediate resistance level can be found at 1.2547 level.

The decline of the dollar supported the pound sterling, which reached a peak of six weeks, while investors predicted that the British High Court later on Tuesday will make a decision about that to start formal negotiations on the withdrawal from the European Union the government needs the approval of Parliament.
The pound reached a high of $1.2538 - the maximum against the dollar since December 15, but then fell slightly to $1.2505.

The pound recorded significant increase against the dollar on Monday. The session started at 1.2375 and ended at 1.2533. After steady upward movement the price managed to break the first resistance at 1.2516. If the upward trend continues we can expect a test of the next resistance at 1.2700.

Key levels to watch for:
Support: 1.2516; 1.2360; 1.2150;
Resistance: 1.2700.

The dollar was trading close to a 7-week low against a basket of other major currencies amid lingering market concerns about the protectionist policies of Donald Trump. The weakness of the dollar reflects concerns about the uncertain economic Trump policy, as well as fears that his protectionist stance can reduce corporate earnings and become a brake on economic growth.
On Monday, Trump has initiated a formal process of US withdrawal from participation in the Trans-Pacific Partnership (TPP). It separates the United States from its Asian allies.
Trump also announced his intention to renegotiate the North American Free Trade Area (NAFTA) with Canada and Mexico to the conditions more favorable for the United States.
The pound fell slightly against the dollar. The pair GBP/USD slipped by 0.34% to 1.2488.

Pound’s upward trend has suffered shortly, the pair is consolidating after UK Government lost Supreme Court case over Article 50. Next resistance level can be found around 1.2550, break above upward trend might extend further.

Best performance for Pound, hit 6 weeks high. Once 1.2650 windows open, next target will be 1.2700/50 zone.

Gbp/Usd is consolidating while remains in the bullish territory short term, as long as the pair stay above 1.2510, upward potential might extend.

The dollar fell because of an immigration policy of Trump. The pound sterling has appreciated by 0.2 percent to $1.2516, but still remains near the weekly low of $1.2466 against the background of market nervousness in anticipation of the Bank of England meeting on Thursday.

The pound recorded a slight decrease against the dollar during the first day of the week. British currency justified the negative expectations and the couple came to the support at 1.2408. If the downward momentum continues in the future, the key level will be breached. Session on Monday launched at a price of 1.2587 as bearish sentiment prevailed from the start. Once the bottom was reached during the day at 1.2465, the pound regained some of the lost positions. The finale was put on a course of 1.2485.