GBP/USD daily outlook

The GBPUSD has rallied on the back of a weak US Dollar, but it may try to break above the 1.3000 level. To the downside, the 1.2900 may act again as support in case of a pullback.

GBP/USD continues it's way to the upside. I'm expecting 3% this week!

The British pound was up against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.2980, gaining 0.45%.
 I believe that support is now at around 1.2829, Thursday's low, and resistance is likely at 1.2976, the high of Friday's trading.

1.34000 I will be looking for sell

is the sterling going to meet and cross 1.30 area after today announcement, or its an opportunity:
Expect strong resistance below 1.3300 to bring larger down trend resumption, while we have first to meet 1.3080 . On the downside, break of 1.2860 support will indicate short-term topping. If it will fail to stay above the level it will be turned back to the downside for 1.2640 support

GBP/USD bounced off from 1.2988 after forming a shooting star candlestick at that level on the four-hour time-frame as well as a double top, also at that level. The pair is testing the support at 1.2850 and a breakout below that level will likely lead to a further move to the downside towards 1.2800.

GBP/USD did not make any interesting moves this week. Interesting to see how the next develops.

Gbp/Usd bearish consolidation movement capped under 1.29 level, the pair needs clear breakout of 1.3000 level to confirm further gains, on the downside support zone are around 1.2830/20.

The British pound was up against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.2889, gaining 0.02%. I believe that support is now at around 1.2845, the low of today's trading, and resistance is likely to come in at 1.2992, Monday's high.

Key levels to watch for:
Support: 1.0815; 1.0550;
Resistance: 1.0980; 1.1130; 1.1280.

My mistake: wrong currency :D
Key levels to watch for:
Support: 1.2700; 1.2516; 1.2360;
Resistance: 1.3090; 1.3270.

Initial sales on Thursday clearly showed a negative attitude on the part of market participants regarding the GBPUSD currency pair. This, however, was followed by a sharp and rapid change in sentiment, which triggered the price over the 13-year moving average.
The bounce was strong, although the 'cable' managed to correct only half of the downward movement from the previous day. The upward momentum remains up to date, indicating that the price has the potential to realize another ascending impulse.

GBPUSD - Buy at 1.2887
BASIC PARAMETERS

• Entry: 1.2887 (per market)
• Stop: 1.2850
• Limit: 1.2966

The pair has no enough directional strength, any further gain would require break above the immediate resistance level around 1.2920/30.

It seems GBPUSD is rejecting the minor resistant 1.29057 ( high of April 18), but if you look closely , it is still holding the bullish breakout and re-testing the lower low trendline as support!

I will only take long position if the price action break the resistant 1.29057 by a daily closing. 1.31207 is the next probable destination for GBPUSD, and with a weaker dollar that is very possible.

All the best guys.

(Important: My chart is from Tickmil, and you need to update the price action according to your broker)

The GBPUSD is boxed between the 1.3000 as resistance and the 1.2800 as support. The oscillation around the 1.2900 zone continues, making it very difficult to trade this pair in the midterm.

Long positions may be opened at the market price with targets at 1.2990, 1.3040 and stop-loss at 1.2900.

Alternatively, sell positions may be opened from the level of 1.2865 with target at 1.2780 and stop-loss at 1.2950.

GBP/USD finally found some resistance at 1.3050 and bounced off from that level after forming a shooting star candlestick on the four-hour time-frame. Next target is likely 1.2940.

The pound recorded a positive session against the dollar on Wednesday. So the pair came out of the narrow range that the last few days have not been changing. Resistance at 1.2987 was hit for a moment, but very quickly the dollar compensated for the losses and the pair finished below the key levels. Trading on Wednesday was opened at 1.2918, the trend being bullish in most of the time. Peak for the day was reached at 1.2989 and the final was 20 pips lower.