Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Follow us on Facebook

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE - In Google Play

View
GBP/USD: technical review

GBP/USD: technical review

Information is not investment advice

Long term

Strategically, the range of 1.3240 to 1.3330 has been capping the upside for GBP/USD since early 2018. That means, currently, the British pound is coming to test the two-year resistance against the USD. Will it break it? The USD has been weak lately, and the last several months saw it mostly lose strength against the GBP. But the British pound is facing Brexit and heavier-than-ever economic pressures because of the troublesome fundamental layout of the UK economy. Noting the expanding downside of the GBP/USD movement area, we may assume that is the GBP doesn’t manage to stay strong against the USD, it may go all the way down to 1.1350 and below to make yet another lower low. That would take months, though, so just keep that as a secondary scenario for the long-term horizon.

1.png

Short term

Tactically, GBPUSD formed a figure that resembles a head-and-shoulders chart pattern with resistances of 1.3270 and 1.3180. Following the logic of the pattern, we may see further drop down to the support of 1.3015 and even below. However, as the time span of the shoulders is uneven, watch the price dynamic in the coming hours and on Friday to verify the bearish move. The support of 1.3070 is not yet broken – until that happens, the upside stays the primary scenario.  

2.png

                                                                                                    LOG IN

Similar

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

Popular

Choose your payment system

Learn more