News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBPUSD Near-term Support in Focus

GBPUSD Near-term Support in Focus

Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliottWaves_gbp-usd_body_GBPUSD.jpg, GBPUSD Near-term Support in Focus

Prepared by Christopher Vecchio, Currency Analyst

Price continues to pullback from recent highs, though by no means is the GBPUSD’s bull run complete. Instead, we find that the pair has entered a short-term period of consolidation. Key levels for the near-term are 1.5880/1.5900 to the upside and 1.5770 to the downside; we are also becoming overextended on shorter-term charts, suggesting that another failure at 1.5900 could lead to profit taking before further bullish price action. A daily close below 1.5770 should lead to a drop into 1.5700/20. Beyond that, support comes in at 1.5635/40 (last week’s low), and 1.5625 (ascending trendline support off of August 6 and August 10 lows). A daily close above 1.5900 points towards 1.5985.

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

DISCLOSURES