GBPUSD Update, Price to Trade Higher Before Turning Lower

December 23, 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.

Publication source
HotForex information  HotForex reviews

December 9, 2016
Euro slips as ECB extends QE by 9-months
The single currency was weaker after the European Central Bank decided yesterday that it would continue with its bond purchases program. The ECB extended its QE plans from March 2017 to the end of the year...
December 9, 2016
The global stock market rally
The global stock market rally, which was underpinned by further ECB stimulus measures yesterday and a rise in oil prices, continued in Asia overnight, with most markets moving higher...
December 9, 2016
Markets throw caution to the wind
Markets have thrown caution to the wind when it comes to movements as of late as once again US equities set the scene with another stellar rise, though not as big as yesterdays...

FIBO Group Rating
Vantage FX Rating
XTB Rating
Larson&Holz IT Ltd Rating
Grand Capital Rating
Trade360 Rating

Porter Finance Rating
24option Rating
OptionFair Rating
EZTrader Rating
Banc De Binary Rating
365BinaryOption Rating