I saw it breaking the 1.2730 level and now it seems quite back on the uptrend. MACD is showing also a bullish sentiment on a daily chart. In line with the Italian referendum results, seems the interest of the traders is moving back to GBPUSD.
Pound continues to drive higher taking advantage of Italy referendum, softer tone against Brexit, volatility in the USD and stronger U.K data. Technically as well we expect more upside potential. The pair is cling to the range of 1.25-1.27. We expect the pair to trade higher taking resistance at 1.28, after that it may fade away whereas next resistance can be found at 1.2877. A break below 1.27 level might raise some selling pressure and taking immediate support at 1.25 whereas its major support level is found at 1.23.
uzoma posted: GBPUSD is correcting lower, 1.2655 low as at the time of writing. The correction is to pave way for its upward continuation to 1.3200s. Break of 1.2730 already confirmed this impending scenario..
On the GBPUSD Do you mean that it will correct the current bearish trend and move bullish to an upward trend?From your analysis,do you think it will break through at least 1.2780?I entered a sell position 1.27605 yesterday and still on a minus.
The British pound recorded a fall against the dollar on Tuesday, breaking a five-day winning streak. Price managed to reach more than two-month high at 1.2774, but ultimately GBP/USD depreciated by 53 pips for the day to 1.2677. The price remains above the rising moving averages, as RSI lost positions and levels around Tuesday's high now represents significant resistance that puts the bulls on test.
The British pound continued to loose against the dollar for a second day on Wednesday. The pair has depreciated by 53 pips to 1.2624, and traded within the extreme values 1.2682 and 1.2569. Poor manufacturing data from Britain in October reflected on the price, which found support from their 50-period average. The index of relative strength lost positions though, which gives extra confidence of the Bears.
The dollar rebounded against a basket of currencies on Thursday after the European Central Bank has stated that they intend to extend their asset purchase program by another nine months, while the US labor market data fell short of the forecast. GBP/USD rose by 0.12% to 1.2641, near a nine-week high at 1.2776 on Tuesday.
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