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Sterling Price Outlook: GBP/USD Rattled by USD Rally, Support Levels Near

Sterling Price Outlook: GBP/USD Rattled by USD Rally, Support Levels Near

2020-01-03 12:00:00
Nick Cawley, Strategist
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Sterling (GBP) Price, Chart and Analysis

  • GBP/USD slipping back to supportive levels.
  • US retaliates after Iran attacks US embassy.
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GBP/USD Daily Price Chart (April 2019 – January 3, 2020)

GBP/USD price chart showing US dollar strength

The short-term US dollar rally continues, dragging down GBP/USD back towards 1.3000 support. The latest boost in the greenback was fuelled by reports that a US drone strike in Baghdad had killed top Iranian general Qasem Soleimani overnight. The US dollar had been on the back foot going into the end of 2019 but has now picked up as tension between the US and Iran become increasingly fragile.

GBP/USD has now given back some of its recent gains after PM Johnson’s election victory drove the pair just above 1.3500. The chart shows support for the pair from a series of short-term lows and highs between 1.2800 and 1.3000 with the former levels unlikely to be tested in the current climate as Sterling remains attractive post-election. The first level of support around 1.3010 is made off the 50-day moving average and the October 21 high and guards the 1.3000 big figure. To confirm a move lower, these levels need to broken and closed below.

{{SENTIMENT|GBP/USD|Learn how to use Sentiment in your trading strategy}}

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 Sterling (GBP) – 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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