GBP/USD: British Pound attempts to defend its position at 1.26155

Denis Joeli Fatiaki Independent Analyst

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.

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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