GBP/USD: British Pound attempts to defend its position at 1.27720

GBP/USD: British Pound attempts to defend its position at 1.27720


What is going on now with GBP/USD?


GBP/USD: The British Pound slipped below 127.245 as indicated in yesterdays session update; however the pair was supported at 1.26985 and reversed to the upside. The Pound rallied to the highs of 1.28105 during the European session before pulling back to 1.27720 support in the 60 minutes price chart.

 

Our forecast


GBP/USD: The Pound consolidated at 1.27870 and 1.27720 towards the end of the overnight session. The pair continued in the same bath in today's session but now has slipped below 1.27720 support and traded at 1.27712. The Pound looks weak and could head down to 1.27610 and 1.27445 if it fails at 1.27720 support. The pair needs to remain above 1.27720 to head up to 1.27870 and 1.28015


Support/Short-1.27610, 1.27540, 1.27445, and 1.27330


Resistance/ Long - 1.27720, 1.27870, 1.28015, and 1.28195

 

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.


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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