GBP/USD likely direction

The pound-dollar currency pair recorded a volatile session before the parliamentary elections in the UK. The pound lost 6 pips after the opening day of the day was 1.2957, and the last day’s quote remained 1.2951. Today’s extreme values ​​remained respectively at 1.2977 and bottom at 1.2907.

Key levels to watch for:
Support: 1.2860; 1.2690;
Resistance: 1.3030; 1.3220; 1.3440.

Pound seems stabilise around 1.274 level after sharp drop from Friday, but with political uncertainty and the UK’s weaken position in soon-to-start Brexit negotiation, the pair will likely to continue its downward trend.

The pair is back to 1.2730/40 zone after UK’s jobless rate stay unchanged, risk remains on the downside. 1.263 act as next support level, break below could lead to further decline.

The British pound recorded a volatile session against the US dollar on Thursday. The currency pair opened at 1.2750 and added only 4 pips. Daily extreme values ​​were reached at 1.2690 and 1.2794 respectively. The outlook remains neutral, with the 1.2700 and 1.3090 levels retaining a key role in the short term.

Pound / dollar had another unsettling movement yesterday. Trade signals remain neutral in the near future. The upcoming pin bar, which appeared on June 9, remains valid, but a clear break above 1.2780 is needed to confirm the bullish scenario with targets to 1.2900 - 1.3000 / 50. Immediate support is seen at 1.2725, whose breakthrough can lead to future downward pressure. But only a clear break below 1.2634 will cancel the upside-down scenario on the pin bar, with the first downside target in the 1.2500 area.

Key levels to watch for:
Support: 1.2700; 1.2516; 1.2360;
Resistance: 1.3090; 1.3270.

The British pound was up against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.2782, adding 0.20%. I believe that support is now at around 1.2636, Monday’s low, and resistance is likely at 1.2818, the maximum of Wednesday.

A small gap down in H4 chart ahead of Brexit negotiation.

The British pound lost 107 pips against the dollar. The session was opened at 1.2736, and prior to noon the bulls scored their peak at 1.2757. This was the turning point of the day, as the bears broke the support at 1.2690, bottomed at 1.2602. At the end of the day 1 pound was exchanged for 1.2629 US dollars.

Key levels to watch for:
Support: 1.2560; 1.2490;
Resistance: 1.2690; 1.2860; 1.3030.

The British Pound attempted to offset the loss from the previous day by adding 43 pips to its asset against the dollar. The opening quote for the day was 1.2628, and before noon the bears recorded their bottom at 1.2589. There was a rapid response from the bulls and the course broke the resistance at 1.2690 to reach a peak of 1.2671. Bulls did not have the strength to keep the course over the resistance, and at the end of the day a pound was exchanged for 1.2671 US dollars.

The British pound was up against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.2719, gaining 0.29%. I believe that support is now at the level of 1.2587, the minimum of Wednesday, and the resistance is likely at 1.2817, the maximum of Monday.

The pair start week with a small gap up. Political uncertainty remains as Theresa May has been unable to form a government until now.

The British pound reported a volatile session against the US dollar on Monday. The currency pair lost only 11 pips at a closing price of 1.2722. Daytime extreme values ​​were reached at 1.2759 and 1.2706 respectively. A more significant challenge for the couple in the downward direction is the 1.2700 level. A potential breakthrough will create the possibility of a prolonged decline.

Key levels to watch for:
Support: 1.2700; 1.2516; 1.2360;
Resistance: 1.3090; 1.3270.

Only 2 out of the 9 charts I look at show prices above the 200EMA with GBP as the base currency. Not that many, but last weekend this total was zero. In addition, GBP price has risen against 2 of the 3 strongest currencies according to this measure in the last week, NZD and CHF, while virtually flat against EUR. This is strong performance. GBP bears beware.

Gbp/Usd failed stay above 1.3030 level, correction movement continues before UK PMI data. We have a busy week ahead of us for both dollar and Pound which would change the trend.

The British pound was up against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.3028, adding 0.16%. I believe that support is now at around 1.2703, Monday’s low, and resistance is likely at 1.3030, the high of Friday’s trading.

The British pound recorded a volatile session against the US dollar on Monday. The currency pair opened at 1.3002 and finished 65 pips lower. If the direction goes down, the pair will probably break the first support at 1.2700. On the upside, the pound will move to resistance at 1.3090.