24-hour view: “We highlighted yesterday that ‘barring a move above 1.3300, GBP is likely to move lower towards 1.3215’. We added, ‘next support is at 1.3190’. GBP subsequently traded in a choppy manner as it dropped to a low of 1.3198 before rebounding strongly to an overnight high of 1.3279. The price actions have resulted in a mixed outlook and GBP could trade between 1.3200 and 1.3300 for now.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (19 Nov, spot at 1.3265). As highlighted, GBP ‘has to move and stay above 1.3380 within these 1 to 2 days or a break of 1.3160 (no change in ‘strong support’ level) would indicate that GBP is not ready to move above 1.3322’. GBP subsequently dropped to 1.3198 before rebounding strongly to end the day little changed at 1.3265 (-0.02%). Upward momentum continues to wane and unless GBP can maintain a foothold above 1.3280 within these 1 to 2 days, the prospect for a move above 1.3322 would diminish quickly.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.