GBP/USD struggles with 1.3100 level
The GBP/USD pair is struggling to pass the resistance of the 1.3100 level. The round mark was providing a psychological resistance to the rates surge.
If this level gets passed due to any reason then the pair should aim at the weekly R1, which is located at the 1.3149 level. It could occur, as the 55 and 100-hour simple moving averages approach the rate and push it higher.
On the other hand note that the pair might fail at the attempts of surging and remain in the range between the SMAs at 1.3050 and the 1.3100 level.
If this level gets passed due to any reason then the pair should aim at the weekly R1, which is located at the 1.3149 level. It could occur, as the 55 and 100-hour simple moving averages approach the rate and push it higher.
On the other hand note that the pair might fail at the attempts of surging and remain in the range between the SMAs at 1.3050 and the 1.3100 level.
Comment:
The surge of the GBP/USD had turned into a consolidation on Thursday. Namely, after touching the 1.3350 level the rate slightly declined and afterwards began to trade sideways.
On Thursday, during the morning hour the rate was set to meet with the support of the 55-hour SMA. This technical support could push the pair higher.
On the other hand, if the pair passes the support of the 55-hour SMA, it could decline down to the weekly R2 at 1.3238.
On Thursday, during the morning hour the rate was set to meet with the support of the 55-hour SMA. This technical support could push the pair higher.
On the other hand, if the pair passes the support of the 55-hour SMA, it could decline down to the weekly R2 at 1.3238.
Comment:
GBP/USD continued to retreat on Friday morning. The rate passed the support of the 55-hour SMA and retreated down to the weekly R2 at 1.3238.
The future short term forecast is built around the 55 and 100-hour SMAs and the weekly R2. It could be observed that the SMAs were set to meet one another and squeeze the rate at the weekly R2.
The squeeze should result in a break out to either the upside and 1.3366 or a drop down to 1.3160.
The future short term forecast is built around the 55 and 100-hour SMAs and the weekly R2. It could be observed that the SMAs were set to meet one another and squeeze the rate at the weekly R2.
The squeeze should result in a break out to either the upside and 1.3366 or a drop down to 1.3160.
Comment:
The GBP/USD started the week by opening higher. Although, by the middle of the day's trading the rate had not moved, as it traded sideways just below the 1.3250 level.
Meanwhile, the rate had been approached by the resistance of the 55-hour simple moving average. In addition, the 100-hour SMA had also begun to provide technical resistance to the rate.
In general, the resistance levels might push the rate down into the weekly PP at 1.3204. On the other hand, if they fail, the rate would push up to the 1.3350 mark.
Meanwhile, the rate had been approached by the resistance of the 55-hour simple moving average. In addition, the 100-hour SMA had also begun to provide technical resistance to the rate.
In general, the resistance levels might push the rate down into the weekly PP at 1.3204. On the other hand, if they fail, the rate would push up to the 1.3350 mark.
Namely, Theresa May moved a motion in UK's parliament to delay the Brexit in an effort to delay a no-deal scenario.
By the middle of Wednesday's trading from a technical perspective the pair had consolidated its previous gains and resumed a surge after finding support in the weekly R2 at the 1.3238 level. This surge could reach as high as 1.3325, where another trend line is located at.
Although, take into account that trend lines don't hold for long in the current environment.