GBPUSD Analysis: Loses upside momentum
|The Pound continues to appreciate against the US Dollar for the sixth consecutive session. The pair managed to edge higher on Thursday; however, it lost its momentum near the 2017 high of 1.3925. This suggests that bulls might have exhausted their strength, thus paving the way for a possible decline in price. This is likewise apparent from the two short-term channels drawn on the chart, as the Sterling has failed to reach their upper boundaries this week. By and large, it is expected that the pair trades sideways in this session, especially if the southern barrier is provided by the 55– and 100-hour SMAs and the weekly R1 circa 1.3830. In case bears push even lower, the ultimate daily low should be the monthly R2 at 1.3707. Meanwhile, the next notable resistance is the distant weekly R3 at 1.4119.
Interested in GBPUSD technicals? Check out the key levels
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.