GBP/USD: British Pound needs to hold at 1.27245 to avoid further decline
|GBP/USD: British Pound needs to hold at 1.27245 to avoid further decline
What is going on now with GBP/USD?
GBP/USD: The British Pound fell below the bottom of the consolidation price range at 1.26895 in yesterdays session; however the pair was supported at 1.26805 and made its way back to the top of the consolidation price range at 127.245. The Pound broke through 1.27245 during the European session and pushed it's way up to 1.27980 highs but failed to continue and pulled back to 127.145 support
Our forecast
GBP/USD: The Pound bounced at 1.27145 in this mornings session and pushed its way back to 1.27610 but failed to retain its position and fell below 1.27330 support as I compile this report. The pound needs to hold at the current support at 127.245 to avoid drifting further down to 1.26985. The Pound needs to remain above 1.27245 to head back up to the upside
Support/Short-1.27245, 1.27145, 1.26985, and 1.26805
Resistance/ Long - 1.27445, 1.27610, and 1.27870
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
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