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GBPUSD Price Analysis, Chart and Pivot Points

GBPUSD Price Analysis, Chart and Pivot Points

2019-02-27 12:00:00
Nick Cawley, Strategist
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GBPUSD Price, Chart and Pivot Points:

  • Brexit bad news is being priced-out or ignored.
  • Pivot points can identify short-term targets.

Q1 2019 GBP and USD Forecasts and Top Trading Opportunities

GBPUSD is now touching levels last seen in July 2018 as investors continue to price-out a Brexit No Deal ahead of tonight’s Parliamentary meaningful (non-binding) vote. Sterling traded around 1.2770 just under two weeks ago and has marched steadily higher since then, adding a dash of volatility into the pair. A look at the resistance and support levels, based on classical pivot point analysis, shows R1 around 1.3322/24 now under threat, leaving R2 at 1.3386/88 the next target. The RSI indicator on the hourly chart does warn that the pair is in overbought territory.

GBPUSD Price Analysis, Chart and Pivot Points

You can access live pivot point data for a wide range of currencies and assets HERE. If you then click on your chosen currency pair you will be taken to a more in-depth landing page for your chosen asset class.

Brexit is once again the driver of the pair with recent statements from PM May being interpreted as Sterling bullish as the chances of a No Deal Brexit, either by a vote of by the clock running down, recede. The next 2-3 weeks will probably see a final outcome – there are, currently, three sets of votes before March 14 – and GBP will continue to forge higher if either PM May’s bill is passed – it may still need some flexibility from the EU to get through the HoC – or if an extension to the March 29 Brexit date is agreed.

GBPUSD Price Continues to Push Ahead Strongly, Brexit Debate in Focus

GBPUSD Hourly Price Chart (February 19 – 27, 2019)

GBPUSD Price Analysis, Chart and Pivot Points

Retail traders are 43.0% net-long GBPUSD according to the latest IC Client Sentiment Data, a bullish contrarian indicator. Recent changes in daily and weekly sentiment however give us a stronger bullish contrarian bias for GBPUSD.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on GBPUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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