GBP/USD analysis: Weekly close suggests more gains ahead
|GBP/USD Current price: 1.2802
The pound ended the week higher across the board boosted after PM May’s call for elections that triggered a rally. The sharp rise pushed the currency above key technical levels and triggered many stops. Elections are not too far and polls could start having an impact. Next week, the key economic number will be the Q1 GDP report. Also, the US will release growth data.
The GBP/USD made an impressive rally on Tuesday, pulled back and spent the rest of the week consolidating important weekly gains. It posted the highest weekly close since October and it did it above a relevant technical, level suggesting that it could continue to rise. In order to clear the way to more gains, the pound needs to confirm levels on top of 1.2900; that could open the doors to 1.3000. A decline below 1.2750 could lead to another correction, while a decline under 1.2550, would invalidate the bullish weekly close.
Support levels: 1.2745 1.2680 1.2620
Resistance levels: 1.2860 1.2940 1.3000
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.