GBP/USD: British Pound slipped below 1.31000 and now attempts to defend its position at 1.30460

Denis Joeli Fatiaki Independent Analyst

GBP/USD: British Pound slipped below 1.31000 and now attempts to defend its position at 1.30460

What is going on now with GBP/USD?

GBP/USD: The Pound remained under 1.31375 during the Asian session in yesterdays trades. The pair attempted to cross over at 1.31375 during the European session but failed and was pushed back down to 1.31000 support. The Pound slipped below 1.31000 support and fell to 1.30457 support in this mornings session.

Our forecast

GBP/USD: The Pound is currently trading at 1.30563 and needs to maintain above 1.30460 to head back up to 1.30670 and 1.31000. The pound could continue down to its 500 EMA at 1.29900 if it fails to maintain above 1.30457

Support/ short Target - 1.30460, 1.29900, 1.29695, and 1.29440

Resistance/ Long Target - 1.30670, 1.3100, and 1.31375

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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