GBP/USD: Could we expect a move close to the 1.308 resistance level?
Spotlight on GBPUSD. The latest daily technical analysis by AAATrade reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.
Looking at GBPUSD Chart, we can see it’s been trading in a channel until the 14th of April, bouncing between support of 1.298 and overhead resistance of 1.305. On the 14th of April we saw it rally from the 1.3 range to the high of 1.314 but being unable to consolidate at that level it experienced a retraction, falling back to the 1.305 level where it continued to trade for the 15th of April also. Earlier today it broke down below the 1.305 level and fell into the 1.302 where it was last found trading. Read more...
GBP/USD Forecast: Pound looks vulnerable despite thin holiday trading
GBP/USD has retreated toward 1.3000 early Monday amid renewed dollar strength. The pair stays in negative territory during the European trading hours and the technical outlook shows that sellers are likely to dominate the pair's action in the short term.
Although GBP/USD edged lower on Thursday and Friday, it managed to register gains last week. With the benchmark 10-year US Treasury bond yield continuing to edge higher at the beginning of the new week, however, the dollar started to outperform its rivals and weighed on the pair. The US Dollar Index, which rose nearly 0.7% last week, was last seen rising 0.2% on the day at 100.70. Read more...
GBP/USD flirts with daily low, around 1.3000 mark amid broad-based USD strength
The GBP/USD pair extended its steady intraday descent and dropped to a fresh daily low, around the 1.3000 psychological mark during the first half of the European session.
Following an early uptick to the 1.3065 region, the GBP/USD pair met with a fresh supply on Monday and move back closer to the YTD low touched last week. This marked the third successive day of a negative move and was sponsored by sustained US dollar buying, bolstered by expectations for a more aggressive policy tightening by the Fed. Read more...
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