GBP/USD: British Pound made a swift recovery; major support at 1.28065

Denis Joeli Fatiaki Independent Analyst

GBP/USD: British Pound made a swift recovery; major support at 1.28065

What is going on now with GBP/USD?

GBP/USD: The British Pound did very well in Friday's session in its effort to recover from Thursday's selloff. The pair held on above 1.27685 support and pushed its way up to 1.2872, taking out my long targets at 1.28065, 1.28480, and almost reached my third long estimated target at 1.28845 before pulling back and ending the session at 1.28268.

Our forecast

GBP/USD: The Pound could head back up to the top of the current price channel if it is supported at 1.28065. There are two estimated resistance points to go through which is at 1.28480 and 1.28845 before reaching the top of the price channel. The pair could continue down to 1.27685 and 1.27245 if it fails at 1.28065.

Support/ Short-1.28065, 1.27685, 1.27245, and 1.26965

Resistance/ Long - 1.28480, 1.28845, 1.29165, and 1.29420

The trade signals are posted on to our Telegram channel consolidates at l on a regular basis as per the link below.
https://t.me/leoprimefx

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

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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