The British pound remains under pressure towards the key 1.2560 level against the US dollar, ahead of the release of UK inflation data this morning. The 1.2560 level is a key pivot for the GBPUSD pair, with further intraday weakness expected if bulls fail to secure price above this area. An upcoming test of the 1.2500 level is still expected due to broad-based...
The British pound has slumped to its weakest level against the greenback since January 3rd this year, after bears moved the pair below the key 1.2560 level. Continued weakness below the 1.2500 level is increasingly likely as UK political uncertainty is driving the pair lower. GBPUSD bears are likely to aim for the December low, while bulls may look for a better...
The British pound has opened the new trading week under pressure against the US dollar after a heavily bearish weekly close under the 1.2600 support level. If GBPUSD sellers break the 1.2560 support level the pair could slide toward the 1.2480 region. Any intraday bounces higher are expected to find meet with strong technical selling interest from the 1.2630 to...
The British pound is once again testing towards the 1.2660 level against the US dollar after suffering another strong rejection from the 1.2700 resistance level. Bulls are struggling to keep the GBPUSD pair above the 1.2700 level, with sellers holding the upper hand while price trades below this key level. Overall, a sustained break above the 1.2710 level may...
The British pound has reversed sharply from the 1.2750 level against the US dollar after UK Parliament was unable to block a hard-Brexit on Wednesday. The bullish pattern on the four-hour time frame still remains valid, with the 1.2655 level the foremost support zone. Bulls need to move price back above the 1.2710 level to install the intraday bullish sentiment...
The British pound is struggling to reclaim the 1.2700 level against the US dollar after yesterday’s much weaker set of data points from the UK economy. However, dip-buying demand for sterling still remains present, with bulls still maintaining the upper-hand while price holds above the 1.2660 level. GBPUSD bulls are likely to place stops around the 1.2600 level...
The British pound has so far found strong technical resistance from the 1.2762 level against the US dollar, with price falling below neckline support. If the GBPUSD pair holds below the 1.2747 level we may see the start of a complex inverted head and shoulders pattern forming across the four-hour time frame. Overall, traders may also be feeling cautious ahead of...
The British pound has fallen back under the 1.2700 level against the US dollar in early Thursday trade after bulls failed to break the former key trading high, at 1.2747. However, yesterday’s move higher has helped to create a bullish inverted head and shoulders pattern on the four-hour time frame. All moves lower in the GBPUSD pair are expected to find strong buy...
The British pound is still trading tentatively above the 1.2600 level against the US dollar, despite a minor rebound from the 1.2580 area on Thursday. The four-hour time frame is showing that the bearish pattern can cause the GBPUSD pair to slide towards the 1.2450 level. The monthly price close for the GBPUSD pair will be key today alongside the release of US...
The British pound has come under heavy downside pressure against the US dollar, following another bearish intraday reversal on Wednesday. The four-hour time frame is showing that the GBPUSD pair is close to the neckline of a large head and shoulders pattern. A break below the 1.2600 level will set-off the bearish pattern, which holds a downside target close to the...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.264.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.2685.
TP4: R2=1.27.
Set the stoploss of these orders at breakout of S2=1.2605.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
The British pound remains under slight downside pressure against the greenback in early Tuesday trade after the pair fell well below the 1.2700 level. If GBPUSD bulls can stabilize price above the 1.2679 support level the pair could eventually recover towards the 1.2765 resistance level. Continued weakness below the 1.2679 level may prompt a technical test of the...
The British pound has staged a minor technical recovery against the US dollar after the pair quickly fell towards the 1.2623 level over reports that British PM Theresa May could soon quit. Further medium-term weakness is still expected while the GBPUSD pair trades below the 1.2660 level, with the 1.2550 level is still the overall bearish target. Bulls will need to...
The British pound has reversed back towards 1.2700 level against the US dollar after briefing spiking above the 1.2800 after reports that the UK may hold a second Brexit referendum. The GBPUSD pair has a bearish intraday bias while trading below the 1.2756 level and may remain weak due to uncertainty over the European elections. Technical indicators on the...
The British pound has weakened back towards the 1.2700 support level against the US dollar after the pair found strong selling interest from the 1.2756 level on Monday. Technical selling in the GBPUSD pair is likely to accelerate if bears can force price below the 1.2700 level. The 1.2662 level is the major weekly support level to watch below the 1.2700, with the...
