GBP/USD Price Analysis: Pound corrects from 17-month highs, trades near 1.3330 level


  • The pound is correcting the massive bullish spike triggered by the UK elections. 
  • Support is seen at the 1.3344, 1.3288 and 1.3254 price levels.
 
 

GBP/USD daily chart

 
The market reached 17-month highs as the elections in the UK provided extreme volatility. The underlying trend stays bullish while above the main daily SMAs. 
 

GBP/USD four-hour chart

 
GBP/USD is correcting down after the massive bullish spike. The market is testing the 1.3344 support. If the correction goes on below that level the market could continue to slide towards the 1.3288 and 1.3254 price levels, according to the Technical Confluences Indicator
 
  

GBP/USD 30-minute chart

 
 
 
The spot is challenging the 50 SMA. Bulls seem to be absent this Friday. Resistance is seen at the 1.3435, 1.3455/62 and 1.3518 levels, according to the Technical Confluences Indicator.
  

Additional key levels

GBP/USD

Overview
Today last price 1.3332
Today Daily Change 0.0161
Today Daily Change % 1.22
Today daily open 1.3171
 
Trends
Daily SMA20 1.3002
Daily SMA50 1.2857
Daily SMA100 1.2555
Daily SMA200 1.2698
 
Levels
Previous Daily High 1.323
Previous Daily Low 1.3051
Previous Weekly High 1.3167
Previous Weekly Low 1.2896
Previous Monthly High 1.2986
Previous Monthly Low 1.2769
Daily Fibonacci 38.2% 1.3119
Daily Fibonacci 61.8% 1.3161
Daily Pivot Point S1 1.3071
Daily Pivot Point S2 1.2971
Daily Pivot Point S3 1.2892
Daily Pivot Point R1 1.325
Daily Pivot Point R2 1.333
Daily Pivot Point R3 1.343

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD quickly approaching September low

The EUR/USD pair extended its slump towards 1.1760 after ECB’s Lagarde said the economic recovery in the EU is “very uncertain, uneven and incomplete.” Next relevant support at 1.1736, this month low.

EUR/USD News

GBP/USD consolidates losses around 1.2840

The Pound plunged on risk-aversion and PM Johnson acknowledging the kingdom is undergoing a second coronavirus wave. Health authorities mull further restrictions.

GBP/USD News

XAU/USD dives to sub-$1900 levels, six-week lows

Gold extended last week's rejection slide from a short-term descending trend-line resistance and tumbled to six-week lows during the early North American session.

Gold News

Bitcoin gets back in the game

Bitcoin is on its third positive consecutive session in a row on the dominance chart and points to strong market share increases. Crypto market raises doubts on price development in the short term.

Read more

WTI plummets to $39, down more than 4%

Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures