GBP/USD forecast - page 12

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Expecting the break of 1.3 again
 
bearish on the pair
 
It is ranging per moment
 

GBP Resumes Core Bear Trend: Levels & Targets


GBPUSD has completed a bearish “pennant” formation on last week’s break below former trendline/range support now at 1.3200.

We look for a test of the July 2016 low at 1.2798 next. However, bigger picture we look for an eventual break below here to then test our next target at the 78.6% retracement of the 1985/2007 rise at 1.2752. We would expect this to hold initially, but below it can target pattern objectives at 1.2433 then 1.2000, with scope for 1.1855

Resistance shows at 1.3155/85 initially then 1.3373. Above 1.3413/82 is needed for a base.

*CS maintains a limit order to sell GBP/USD at 1.3155 targeting 1.2752.

 
Targeting 1.2752? That will be nice :)
 
The British pound fell against the dollar on Friday. By the end of trading session GBP/USD was traded at 1.2914, shedding 0.32%. I believe that the support is now located at the level of 1.2904, the low of Friday's trading, and resistance is likely to be at the level of 1.3097 - Monday's high.
 
Most of the week the pound stayed lower than 1.30. GBP/USD has fallen after the house price balance in the UK appeard much worse than expected. The indicator was only 5% instead of the expected 15%. At the same time RICS said, that the fall in sales was the biggest since the financial crisis in 2008, the rise in prices in July was the slowest in three years, while the volume of new sales fell. This shows that the real estate market is already adjusting to the decision of the UK to leave the EU, and as British consumers are so heavily dependent on property prices, their sudden drop may affect consumer spending in the future.
 
GBP/USD: As expected, the pair formed a downward trend and it's moving to its historical lows. The next target level for the pair will be 1.2796, and later 1.2745.
 
Bullish on the pair.
 
Key levels to watch for:
Support: 1.2790; 1.2500;
Resistance: 1.3080; 1.3240; 1.3365.
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