Yesterday, GBP decreased against the USD by 0.7 percent. Thursday witnessed another cascade of Brexit headlines develop, consequently bullying GBP/USD to lower levels on Thursday and erasing Wednesday’s gains.
The 1.31/1.3064 resistance zone on the H4 timeframe once again served sellers well, composed of the 1.31 handle, resistance from 1.3064 and August’s opening value at 1.3078. The key figure 1.30 surrendered ground, as did October’s opening value at 1.2925, to challenge 1.29 (located above Quasimodo support at 1.2865). Beyond here, 1.28 offers a reasonable target. Aiding the H4 resistance zone is a daily resistance level coming in at 1.3017, with downside on the daily timeframe pointing to trend line support, extended from the low 1.2075. Meanwhile, on the weekly timeframe, last week observed GBP/USD extend recent recovery gains from support at 1.2739 (a 2019 yearly opening value). Technicians will acknowledge 1.2739 blends with trend line resistance-turned support, extended from the high 1.5930. In terms of resistance, price has room to advance as far north as the 2020 yearly opening value at 1.3250.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.