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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.