GBP/USD forecast - page 116

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GBP/USD: Next stop - 1.2910. After that it's time for an upwards correction.
 
Weekly MACD says UP
Daily MACD says DOWN

Pullback down to the 1.2900 BUY zone
Stop below 1.2785
Target1 1.3300
Target2 1.3500
Target3 1.3700
 
This week GBP/USD may test 1.2950
 
GBP/USD continued the move down yesterday, making a bottom at 1.3011. The outlook remains bearish in the short term, but I recall the need for a clear break below the psychological level of 1.3000 for the restoration of the descending rally for the 1.2935 test. Immediate resistance is seen at 1.3090. A clear breakthrough over it may take the price to a neutral zone, but while it remains below 1.3175, I still prefer the bearish scenario at this stage. And any upward pressure should be considered as a good opportunity for short positions.
 
GBP/Usd is consolidating just under 1.30 level, lack of directional strength. The pair's direction depending a lot on Brexit developments and very little on technicals.
 
<Moved Post>
777tradesresearch 2018.10.03 12:10 | 103.76.252.194 ban     EN
The GBP/USD is trading back into the 1.3000 major technical level as the US Dollar downshifts in early Wednesday action, fueled by risk-bullish headlines from the European continent.

Brexit headlines continue to dominate Sterling traders' headspace, and a steady stream of inconclusive talking heads brandishing their positions on Brexit has seen confidence in the UK continue to wane steadily as glimmers of hope for successful trade talks between the EU and the UK give way to bouts of hard selling as Britain seems no closer to a workable exit from the European Union than it did immediately following the Brexit referendum.

The Italian government announced they would be willing to reduce their federal deficit to back below 2% in 2021, and the broader Euro-area saw a brief bounce in market sentiment, taking both the EUR and the GBP briefly higher, and the Pound is now trading just shy of the 1.3000 handle.

The economic calendar is clear of any meaningful UK data for Wednesday, and traders will be keeping an eye out for continued headlines covering both Brexit and political tensions within the Eurozone, and early Wednesday's pop in the Sterling could find itself getting faded as the day unfolds.

The Pound could be primed for another leg down as technical indicators have reloaded their neutral stances, and as we noted: "technical indicators have corrected oversold readings before losing directional strength within negative readings, while the 20 SMA is currently crossing below the 200 EMA, reflecting the strength of sellers. Of course, the pair is little about technical readings and all about Brexit, with the pair's direction depending on which kind of Brexit the market believes it will take place."
 
Cougar512:
This week GBP/USD may test 1.2950

1.2950 achieved. It became a good support level. Let's now see id the pair manages to pierce the strong resistance 1.3000.

 
It's been trading sideways for the past two months. Hopefully this month will bring volatility back in the pair.
 
GBP/Usd certainly took advantage of the news that EU will offer the UK a 'super-charged' trade deal, the pair rallied to above 1.31 level but lost its momentum after. Pound continues to be driven by Brexit hopes, on the upside important resistance level lies at 1.3300.
 
GBP/USD: The pair is forming an interesting figure, for the start of the week.
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