The British pound was down against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.3472, losing 0.42%. I believe that support is now at around 1.3221, Tuesday’s low, and resistance is likely at 1.3550, the maximum of Friday’s trading.
The uncertainty with Brexit negotiations continue affect Pound, support level can be found around 1.3420, break below will deeper the bearish correction movement.
It bounced off from 1.3420 again and since the sideways consolidation continues it will probably start moving to the upside towards 1.3500.
The British pound recorded a volatile session against the US dollar on Monday. The currency pair opened at 1.3436 and finished 42 pips higher. The chart continued to grow above the moving averages, while the relative strength index remained neutral. If the direction is maintained, there may be an attempt to test the first resistance at 1.3540.
Brexit talks are finally getting somewhere, getting a deal, but it does not mean a trade deal for March 2019. Pound short term turned to the downside.
GBP/USD is showing limited upward potential. Stronger impetus the pair will get on Thursday when BoE will announce its monetary policy decision.
I assume that the price has made false break and will return to the channel and the first target is 1.33485. And then I think even lower to the point of 1.32763. However, if I’m not right, the price will go up to the point of 1.35211.
Disappointment over Brexit negotiations’ progress and now things will require the approval of the UK Parliament are bringing Pound down. Further decline might be expected.
I assume that the price will continue descending to the point of 1.32481. And it will test support here. But price, can pass half of this way down and make a reverse toward the resistance to the point of 1.34165.
GBP/USD reached weekly high at 1.34 on Carney’s testimory. Anyway the pair remains in tiny range and I do not expect a move above 1.3450.
The GBPUSD is still within a bullish flag on the daily chart. The 1.3300 level is still acting as a good support along with the 55 day EMA.
Now price moves up to resistance and will test it. If price breaks through resistance, it will reach the point of 1.34461. But I believe that price doesn’t have enough strength again and it will go down to the point of 1.33072
What I think about cable is that it still did not break the trend it started at Nov. 3
It can be consolidating or reversing and even if I have bias on continuation still trying not to act early. What I understand from this pennantish/trianglish thing is that, if the price goes South and breaks 1,33117 support my target will be 1,31766 and if goes up and breaks 1,34450 then I plan on going long and staying in till 1,35487
Despite Brexit, the pair is stable. Let’s see how will it open after Christmas.
Traders who plan to trade actively next week need to take into account that the market will be thin and accordingly the risk of the appearance of powerful price movements will be higher than usual.
Key levels to watch for:
Support: 1.3260; 1.3100;
Resistance: 1.3440; 1.3540;
1.20 is my next target.
And, Merry Christmas, folks!
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a word to the wise, in case it isnt obvious (it should be): the big banks are buying 
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The pound recorded a slight increase against the dollar on Tuesday. The pair failed to break the narrow range of the past few days, but short-term expectations remain in favor of the British currency. In this case, the resistance at 1.3420 is still in risk. Tuesday’s session was opened at a 1.3364 rate and the closing price was 10 pips higher. The trend was neutral at first, with the bullish sentiment prevailing in the afternoon, marking a peak for the day at 1.3388.