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
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 consolidates recovery below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery but remains below 1.0700 in early Europe on Thursday. The US Dollar holds its corrective decline amid a stabilizing market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD advances toward 1.2500 on weaker US Dollar
GBP/USD is extending recovery gains toward 1.2500 in the European morning on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold appears a ‘buy-the-dips’ trade on simmering Israel-Iran tensions
Gold price attempts another run to reclaim $2,400 amid looming geopolitical risks. US Dollar pulls back with Treasury yields despite hawkish Fedspeak, as risk appetite returns. Gold confirmed a symmetrical triangle breakdown on 4H but defends 50-SMA support.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price was not spared from the broader market crash instigated by a weakness in the Bitcoin market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Investors hunkering down
Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus after witnessing significant market movements in recent weeks.