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GBPUSD Daily Bullish Breakout
The Pound rally versus the Dollar paused for much of last week, but then continued to extend on Friday. This puts GBPUSD in position to challenge the underside of the trendline running up from the October 2016 flash-crash that also happens to connect with the January flash-crash low. It could very well act as a formidable line of resistance, but the thinking is it will only be a minor speedbump on the way to higher levels.Looking beyond the 2016 trend-line, the focus will become placed on confluent resistance via the trendline off the 2018 high that runs over the March/May peaks and the declining 200-day MA.
Attachment 36969
Heading into next week traders are left at a bit of a crossroads as fresh longs don't hold a lot of appeal at this juncture without traders running the risk of getting caught chasing.But existing long positions may want to be given a little wiggle room to see if momentum can continue taking price higher. Shorts don't have yet the bearish price action needed to warrant astrong stance. A small digestion period around the 2016 trendline could give a good look for would-be longs. That could change, however, if a hard rejection develops at resistance, thus giving shorts a shot at lower prices. Bottom line, in wait-and-see mode at the moment, but the landscape could change quickly with Brexit headlines a constant threat.
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GBP/USD: daily bullish with 1.2812 re-enter target
The fundamental outlook for the British Pound looks relatively bleak amid renewed ‘no deal’ Brexit concerns and escalating UK-China tensions.
Attachment 40044
A break below the April high (1.2648) may invalidate the break of the yearly downtrend and potentially open up a path for a retracement back to the July low (1.2359).
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GBP/USD Weekly Forecast: daily bullish ranging waiting for direction
Attachment 40284
UK-EU trade talks remain at an impasse. Chair Powell Jackson Hole speech the main focus.
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British Pound (GBP) Outlook - Sterling Traders Should Prepare For a Volatile Week Ahead
Attachment 40626
Former British Prime Minister Harold Wilson once said that ‘a week is a long time in politics’ and next week could prove to be a seminal few days for the British Pound.
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GBP/USD Weekly Forecast: Bullish Ranging For Direction
Attachment 41003
GBPUSD is on bullish daily ranging within 1.306 support for the bearish reversal and 1.331 resistance for the daily bullish trend to be continuing.
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British Pound (GBP) Weekly Forecast
Attachment 43228
Hawkish comments from BOE members keep GBP/USD and EUR/GBP within range
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British Pound Weekly Forecast
Attachment 43876
November rate hike odds around 50% and a rise in new Covid cases threatens to dampen the services sector as the UK braces for winter.
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