GBP/USD Forecast: Struggling with 1.2900, bearish

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2925

The UK government refuses to impose a national lockdown, but fears are they would have no choice.
The Brexit talks continue without reports on progress in negotiations, somehow weighing on Pound.
GBP/USD is at risk of falling further according to near-term technical readings.

The GBP/USD pair traded as low as 1.2880 this Thursday, amid continued demand for the greenback in a risk-averse environment. The UK government refuses to impose a national lockdown, despite the country reporting over 23K new cases in the last 24 hours. Still, fears remain that the government could take tougher measures to curve contagions. As for Brexit talks, news are that negotiations continue although without fresh headlines on the matter.

The UK published September Mortgage Approvals, which jumped to 91.454K, beating expectations. Money Supply in the same month increased by 12.3% YoY. This Friday, the kingdom will publish October Nationwide Housing Prices.

GBP/USD short-term technical outlook

The GBP/USD pair is trading around 1.2930, bearish in the short-term. The 4-hour chart shows that is has broken below all of its moving averages, with the 20 SMA still above the larger ones but accelerating south. Technical indicators remain at daily lows near oversold levels, indicating persistent selling interest despite decreasing volumes at this time of the day. A break below the mentioned daily low should expose a strong static support level at 1.2770.

Support levels: 1.2880 1.2835 1.2770

Resistance levels: 1.2950 1.2990 1.3030

View Live Chart for the GBP/USD

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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