GBP/USD: British Pound starts today's session at 1.2750 and accelerates towards 1.27245
|GBP/USD: British Pound starts today's session at 1.2750 and accelerates towards 1.27245
What is going on now with GBP/USD?
GBP/USD: The British Pound continued its down run in Friday's session after failing to defend its position at 1.27720. The pair fell 1.27445 support as highlighted in the previous update and attempted to head back up as indicated in the 60 minutes price chart but failed and pulled back, closing Friday's session at 1.27145
Our forecast
GBP/USD: The British Pound open today's session below last Friday's close at 1.2750. The pair currently trades at 1.27226, heading towards 1.27245 resistance in the 60 minutes price chart. The Pound needs to break and remain above 1.27245 to continue to the upside. The pair could pull back to 1.27145 and 1.27080 if it fails to continue at 1.27245.
U.K. Gross Domestic Product (GDP) MoM and Manufacturing Production MoM results are due to be released at 20.30hrs which could have an impact on the pair's price movement.
Support/Short-1.27145, 1.27080, 1.26985
Resistance/ Long - 1.27245, 1.27330, 1.27445, and 1.27540
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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