The GBPUSD breaks below the 1.3200 level, it may go to the 1.2800, which could act as support.
The GBPUSD may go back above the 1.3200 level, but there is a risk that the pair may stay consolidated around that level.
The Pound has rebound strongly today, the pair remain its negative tone, but short-term might continue to gain further from strong jobs report data.
Is there more to this theory? Fundamentals? Technical factors? Volume???
The GBPUSD just has not been able to break below the 1.3100 level, good consolidation with no clear direction yet.
Andā¦?
Why do you think this is?
Cable is in a range with no clear direction, the pair may break to the upside or the downside, just waiting for a trend.
GBP/USD is testing 1.3250 again. A breakout above that resistance could lead to a further move to the upside towards 1.3300.
The GBPUSD is trying to break below the 1.3000 level, if so, then the pair may drop to the 1.2800 zone with the road clear.
It broke below 1.3000, its first target will likely be 1.2900, but it might continue falling below that level too.
I agree, eyes on 1.2900 and follow by 1.2845.
Next week again is very busy for Pound, drop on the pair may probably continue, once break 1.29 level, my near term target would be at 1.2850.
Reality is that it is impossible to put a number on cable, price will continue to fall, where it will find support is just a guessing game right now.
There is more uncertainty right up ahead, French elections, German elections, no agreed Brexit plan by the UK, possible, no - probable, UK election next May.
So who is going to invest in GBP for the long term?
[B]It isā¦[/B]
However, there is never a reason why currency flows cannot go one way or anotherā¦
and if sufficient deals abroad WERE being made in Sterling, then it would not matter
what logic we applied to this: that is the beautiful and also maddening irrationality of
currency markets, that is, they represent not just fundamental views by central banks
and other large influences but also the pure price flows of all transactions conducted in
the world using any one currencyā¦
For this reason, unexpected moves in currencies can be motivated by nothing in particular
and anything out there, which we may not be aware of as a one āeventā but simply through
price actionā¦
The FOMC meeting minutes announcement yesterday provoked a move to the upside that will likely continue today. Next target is probably 1.3200.
GBP/USD is retracing after it formed a double top at 1.3260 and is currently testing the support at 1.3180. If it breaks out below that level it will likely reach 1.3100.
GBP/USD has formed a double bottom above the support at 1.3060. It is very likely we will see a retracement towards 1.3100 - 1.3130.
Pound is still under pressure, but will probably remain in the limited range until NFP on Friday.
There was a significant move to the upside yesterday, but it has been consolidating ever since waiting for the announcement of the NFP.
The immediate resistance level can be found at 1.3350 zone, if the pair could not break above it, Iām expecting bearish correction movement.