- GBP/USD bulls are staging a reversal from the 1.3100 level as the pair has now reversed earlier losses. Earlier hawkish comments by Bank of England’s Cunliffe, the US-UK trade deal hopes and the softer University of Michigan Consumer Sentiment index all collaborated to lift GBP/USD above the 1.3200 figure.
- The momentum has switched to bullish as GBP/USD is trading above the 200-period simple moving average and the upper trendline of the bearish channel. The next objective for bulls is to get to 1.3250, June 4 high and the 1.3300 figure.
GBP/USD 15-minute chart
Spot rate: 1.3216
Relative change: 0.08%
High: 1.3221
Low: 1.3102
Trend: Bullish
Resistance 1: 1.3250 June 4 high
Resistance 2: 1.3300 figure
Resistance 3: 1.3363 weekly high
Resistance 4: 1.3400 figure
Resistance 5: 1.3472 June’s high
Support 1: 1.3200 figure
Support 2: 1.3155 former breakout point
Support 3: 1.3100 figure
Support 4: 1.3049 current 2018 low
Support 5: 1.3027 October 6, 2017 swing low
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.
Recommended content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.