GBP/USD: Short term uptrend on the horizon

 

The British Pound regained some momentum to the upside in last week trading session and recovered some of its loses after falling out of the short term price channel as indicated on the price chart above.

The pair managed to pierce through and ended last week session in the same price channel created in the previous week which is a good indication of some buyers coming into the market and pushing prices to the upside.

The British pound currently trades at 1.21568 and has the potential to reach 1.22235 if it holds within the upper price channel and 1.214455 support as highlighted on the price chart above.

 

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.

Analysis feed

Latest Forex Analysis

Editors’ Picks

Euro rolling into the Asian session flirting with the 1.1000 handle

The common currency, on the daily chart, is trading in a bear trend below its main daily simple moving averages (DSMAs). On Tuesday, the market will pay attention to the German ZEW survey.

EUR/USD News

GBP/USD: Bearish MACD highlights 2-week-old support-line for sellers

Following its pullback from 1.2507, GBP/USD has been on the sellers’ radar with the recent quotes being around 1.2430 amid initial Tuesday morning in Asia. The pair aims to revisit short-term rising trend-line.

GBP/USD News

USD/JPY eases-off seven-week tops as risk-aversion creeps in

USD/JPY retreats from seven-week highs of 108.36, as risk-off returns amid poor Chinese data, US-Japan trade news and ahead of the key central banks' events this week. S&P 500 futures turn negative while Treasury yields drop over 1%. 

USD/JPY News

Waiting for the FOMC’s good oil

Drowned out in a glut of oil headlines overnight, the FOMC two-day meeting starts today in the United States. The FOMC meeting will almost certainly concentrate on the bigger economic picture.

Read more

Gold pulls back to sub-$1,500 region in search of fresh catalysts

With fewer catalysts to rely on, Gold prices trade near $1,497 during Tuesday’s Asian session. The yellow metal benefited from the drone attack on Saudi Arabian oil facilities that destroyed the oil-rich nation’s 50% output.

Gold News

Forex Majors

Cryptocurrencies

Signatures