GBP/USD daily outlook

GBP/USD
Key levels to watch for:
Support: 1.3300;
Resistance: 1.3460; 1.3655; 1.3850;

The rate of the single currency at the beginning of the session on Thursday managed to rise against the US currency to 1.1746 against the background of the general weakening of the US dollar and the growing crosses with the euro. With the maximum reached, the price dropped to 1,1705. Pressure on it could provide news that former Prime Minister and leader of the party 'Forward, Italy' Silvio Berlusconi on a vote of confidence will vote against the new government.

The British pound was down against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.3296, losing 0.63%. I believe that support is now at around 1.3295, the low of Friday's trading, and resistance is likely at 1.3491 - Tuesday's high.

YueWang posted:
Intraday Elliottwave Analysis: GBPUSD, no bottom sign yet

GBPUSD reached year-to-date new low at 1.3305.

Just as we discussed, it do break lower.

For Pound Futures, unless regain 1.3420, there's no major support until 1.3211.

Once reached, I expect a better base effort.

Above 1.3420, may re-test 1.3573/1.3609.

Daily support Levels: 1.3367 1.3337 1.3321 1.3291 1.3259

Daily resistance Levels: 1.3407 1.3413 1.3469 1.3499 1.3505

Intraday Trade Idea: (spot 1.3370, Asia market)

①Buy Latent Interest Order: 1.3291

②Buy Latent Interest Order: 1.3490

dude... it hit 1.33055 literally 2 days ago... but ye UK GDP came as expected so it might go a bit lower before it bounce, but I'm not gonna be the one pushing it down

Will the cable be bullish for the week? Please advise..

With bank holiday on Monday and light economic data this week, I would expect a short period of correction movement without directional strength, but the long-term bearish trend is not just over yet.

Pound/dollar expanded its bearish move yesterday, making the bottom of 1.3204. Signals remain bearish for testing 1.3150 in short terms. The closest resistance is at 1.3285. A clear break above this level can take the price to a neutral zone with testing 1.3350. I'm basically down and every bullish pressure should be considered as a good sales opportunity. On the downside, a clear breakthrough and daily closure below 1.3150 could open the doors to the psychological level of 1.3000 this week.

The British pound fell against the US dollar on Tuesday. The currency pair opened at 1.3307 and ended at 1.3249. The pound in the early hours of European trade fell sharply, breaking the level of support at 1.3300, reaching bottom for the day of 1.3204. In the event of a resistance break at 1.3300, we would expect a test at a level of 1.3456.

GBP/USD
Key levels to watch for:
Support: 1.3220;
Resistance: 1.3300; 1.3456;

GBPUSD is moving higher today, let's see how the news release affects the pair.

The Sterling could be mustering power for a rally, a correction is long due.

Short term bullish, long term bearish imo.

usd still remain strong, though bought still in small volumes..

Gbp/Usd is trading slightly up before UK PMI figure, found immediate resistance at 1.3375. But the pair remains directionless long-term.

Elliottwave Analysis: GBPUSD, raise stop and add long positions

GBPUSD still consolidated around Ichimoku Tenkan-Sen.

Price also closed back above H4 upper bands.

I already bought some yesterday.

Holding 20% long positions from 1.3285, raise stop to 1.3290.

Today will add on dips toward 1.3378.

Ideally a small base is formed at 1.3296.

GBPUSD Trade Idea: (Spot 1.3406)

Buy Limit @ 1.3378 SL @ 1.3290 Take Profit @ 1.3500

is this the beginning of uptrend?
or is it just a retest?

The cable is on a long term down trend in my opinion.

I believe the current trend now is bullish.

GBP/USD
Key levels to watch for:
Support: 1.3300;
Resistance: 1.3460; 1.3655; 1.3850;