GBP/USD: British Pound attempts to defend its position at 1.26155
|GBP/USD: British Pound attempts to defend its position at 1.26155
What is going on now with GBP/USD?
GBP/USD: The British Pound recovered during the European session following another massive fall in prices during the Asian session in yesterdays trades. The pair broke through 1.25345 resistance in the 60 minutes price chart and rallied to 1.26550 before pulling back to 1.26155 in this morning's trades.
Our forecast
GBP/USD: The British Pound has slipped through two support price points at 1.26550 and 1.26380 in the 60 minutes price chart and currently approaching 1.26155 which is a critical price point. The pair needs to remain above 1.26155 to avoid further decline. The pair could head back up and retest its previous highs if it maintains above 1.26155. The breakout point to the downside is estimated at 1.25975.
Support/Short-1.26155, 1.25975, 1.25695, 1.25560, and 1.25345
Resistance/ Long - 1.26380, 1.26550, 1.26805, and 1.26985
Chart 1: The short-term view of the GBP/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the GBP/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply to stop losses to protect your capital, take profit and exit your position.
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