GBP/USD: Pound extended its downtrend; support is at 1.28480

Denis Joeli Fatiaki Independent Analyst

GBP/USD: Pound extended its downtrend; support is at 1.28480

What is going on now with GBP/USD?

GBP/USD: The British Pound extended its downtrend in yesterday's session after failing to get back up at 1.29440. The pair fell from 1.29440 to 128.480 support during the Asian session. The Euro managed to reverse at 1.28480 during the European session; however, the pair failed to continue at 1.29215 and was pushed back down in this mornings session to 128.480 support.

Our forecast

GBP/USD: The Pound is currently trading at its previous support at 1.28527 and needs to remain above 1.28480 support to proceed to 1.28950 and 1.29440. The pair could continue down to 1.28185 and 1.27860 if it fails at 1.28480 support

Support/ short Target - 1.28480, 1.28185, 1.27860, and 1.27650

Resistance/ Long Target - 1.28950, 1.29215, 1.29440, and 1.29695

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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