GBP/USD: Continues to consolidate

Denis Joeli Fatiaki Independent Analyst

What happened at the end of last 24hrs of the trading session?

GBP/USD: The Pound Still consolidates between 1.27770 resistance and 1.27397 support. The Pair attempted to break out at the beginning of the European session but failed and retreated to 1.27457.

What is going on now?

GBP/USD: The Pound is currently trading at 1.27465 a few ticks away from the main support trend line at 1.27397. The pair is still in a sideways trend and will continue like this until it breaks. The breakout point to the upside still remains at 1.2777 and to the downside is at around 1.27397.

My thoughts on what may happen

1. GBP/USD: The Pair will still need to break and hold above 1.2777 to progress to its first target at 1.28395. The current trend indicates a change in direction could be on its way. However, It is always best to view the price action in different time frames as I always do in my analysis to give you a better view of the potential changes into the future direction of the trend

2. Current support: 1.27542, 1.27397

3. Resistance: 1.27770, 1.28020, 1.28320, 1.28395

4. The estimated target to the upside is at 1.28395

5. It is good practice to apply a stop loss to all your trades to protect your capital in case the market moves against your position.

The short-term view of the price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

The short-term view of the price action in the four-hour 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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