The British pound was up against the US dollar on Friday. By the close of US trading, GBP / USD is trading at 1.3130, adding 0.89%. I believe that support is now at 1.2957, Thursday's low, and resistance is likely to come in at 1.3295, Monday's high.
The GBPUSD failed to continued its bullish momentum yesterday bottomed at 1.3082. The bias is neutral in nearest term probably with a little bearish bias testing 1.3050 region but key support remains around 1.3000 psychological level which remains a good place to buy. Immediate resistance is seen around 1.3160. A clear break above that area would retest the upper line of the bearish channel and 1.3200 area which remains a good place to sell. On the downside, a clear break below 1.3000 region would expose 1.2750 area.
GBPUSD Forecast The GBPUSD continued its bullish momentum yesterday topped at 1.3200 and hit 1.3213 earlier today in Asian session. Price slipped above the bearish channel as you can see on my H4 chart below which is a serious threat to the major bearish trend. The bias remains bullish in nearest term testing 1.3300 region. Immediate support is seen around 1.3150. A clear break below that area could lead price to neutral zone in nearest term but would create a false breakout bearish scenario testing 1.3070 or lower.
The GBPUSD didn’t make significant movement last week but overall still able to maintain its major bearish trend following a false break above the bearish channel as you can see on my H4 chart below. The bias is neutral in nearest term. Immediate support is seen around 1.3070. A clear break below that area could trigger further bearish pressure retesting 1.3000 psychological level which remains a good place to buy. Immediate resistance is seen around 1.3160. A clear break above that area would retest the EMA 200 located around 1.3215 area.
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