GBPUSD Update, Price to Trade Higher Before Turning Lower

23 December, 2015

GBPUSD, Daily

The GBP has seen losses over the last 7 trading sessions in the aftermath of the markets’ knee-jerk reaction to the U.S. Fed rate hike last week. The pound continues to trade with a weakening bias against both the dollar and the euro.

The GBPUSD reached my initial target at 1.4890 and also my second target at 1.4813 to reach a low near the 1.4800 area, during yesterday’s session (See my December 14 and December 21 post).

At the time of writing, the GBPUSD is bouncing off the 1.48 level and trading up around 70 pips in a “technical bounce”, even though the U.K. Q3 GDP has been unexpectedly revised lower, which is seen as negative for the GBP.

I still believe that traders should be on alert and seek periods of GBPUSD strength, as an opportunity to resell the pair near the upper end of the longer term downward slopping trend channel, ideally between the 1.50 – 1.51 areas for a 1.4730 (March 2015 Low) target price support area spotted on the weekly chart.


Source link  
Stock markets were underpinned

Asian Market Wrap: Core yields moved higher and stock markets were underpinned as Trump tweeted enthusiastically about the summit with North Korea's leader...

Gold spikes to near two-week tops

Last week’s recovery move supported by persistent USD weakness. Reviving safe-haven demand/subdued US bond yields provides an...

Gold falls at Friday close to 1275

The key commodity was pivoting around $1285 with support at $1282 and resistance around 1286. The London close, put pay to that as a raft of futures...


Stock market recovery continued

Still, U.K. and U.S. futures are also moving higher, indicating that abating fears over North Korea are keeping markets underpinned, while earnings optimism...

NZDJPY beneficiary of Asian session

With a the NZD is overvalued on one side and Sabre rattling between North Korea and the US continuing overnight there was really only...

Euro above 1.18 against the dollar

Asian stock markets moved higher, with a rally in banks underpinned by earnings reports and helping to offset pressure on exporters and automakers...


Gold support at 1258 but rolled over 15m

Gold remains bullish having posted at high over 1265 yesterday. My bias remains long and I entered again at 1258 last night. However, the intraday...

FOMC held rates steady

The Fed’s reluctance to commit to a time for QT beyond “relatively soon” and the fact that the Fed appeared to be moderately more concerned...

FOMC decision to outline its balance

U.S. markets will have a lot on their plates this week as they continue to assess the June jobs data, global developments in the aftermath of the G20 meeting...


In the past 24 hours Bitcoin has gained 4.1% and reached $6741.29. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.4373% and is now at $1.1592. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -1.97% and is now at $519.34. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets88%
2FXTMFXTM87%
3HYCMHYCM85%
4FIBO GroupFIBO Group80%
5FxProFxPro77%
6FXCMFXCM74%
7Alfa-ForexAlfa-Forex72%
8HotForexHotForex71%
9XMXM70%
10Blue TradingBlue Trading67%
  


Share: