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British Pound (GBP) Latest: Edging Ahead, 1.30 and Above in Sight for GBP/USD

British Pound (GBP) Latest: Edging Ahead, 1.30 and Above in Sight for GBP/USD

2020-02-13 09:00:00
Martin Essex, MSTA, Analyst
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GBP price, Brexit news and analysis:

  • GBP/USD is closing in on the 1.30 level last recorded on February 5 and could advance further.
  • UK PM Johnson’s post Brexit cabinet reshuffle is expected this session but is no longer forecast to be the massacre previously predicted.

GBP/USD edges ahead

GBP/USD is climbing slowly towards the 1.30 level last seen on February 5 and, if it breaches that mark, will likely continue to advance towards that day’s 1.3070 high.

As the chart below illustrates, the pair is currently in a near-term upward sloping channel, with the levels to watch including the 1.30 round number, 1.3010 from trendline resistance and then the 1.3070 level mentioned above. Beyond that, there is further resistance at January 31’s 1.3212 high.

GBP/USD Price Chart, One-Hour Timeframe (February 3-13, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

GBP Forecast
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In the news, UK Prime Minister Boris Johnson is expected to reshuffle his senior ministers this session but the massacre previously forecast is now seen as unlikely. The key cabinet ministers – the Chancellor of the Exchequer, the Home Secretary and the Foreign Secretary – are all predicted to remain in place.

With the only post-election post-Brexit changes likely at more junior levels, the reshuffle is therefore unlikely to move the Pound.

GBP/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -6% 2% -1%
Weekly -7% 1% -2%
What does it mean for price action?
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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

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

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