GBP/USD forecast - page 77

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The short term outlook for the GBP/USD pair turned into bearish after Friday’s NFPs and bad UK PMIs today.  Cable is down today with some 100 pips and now poised is to extend its decline. First support comes at 1.3979 (last week’s low) and in case of breaching it, doors will be opened for testing 1.3940.
 
The pair is once again testing the support at 1.4000. The current sideways consolidation, however, may continue until the fundamentals later this week.
 
The pair did breakout below 1.4000 and fell to 1.3835 where it finally found some support. The pair remains very bearish for now despite the retracement.
 
The pound recorded a neutral session against the dollar on Tuesday. So the couple stayed at the lower levels they reached at the beginning of the week. Trading was open at 1.3957, and the finale was 11 pips down. Around midday, the bearish moods prevailed, and support at 1.3912 was punctured after the bottom was hit at 1.3836. Short-term expectations remain in favor of the US currency.
 
Key levels to watch for:
Support: 1.3912; 1.3828;
Resistance: 1.4283; 1.4345;
 

The GBPUSD pair traded negatively yesterday and hit 1.3900 level, and  failed to break it, but it returned to key resistance at 1.4005, accompanied by stochastic reach to the overbought areas.

 Therefore, all these are valid indication for continuation of correctional bearish trend with next main target  at 1.3800, noting that breaching 1.4105 will stop the current negative pressure and lead the price to attempt to return to the main bullish trend again.

 Expected trading range for today is between 1.3800 support and 1.4000 resistance.

 Expected trend for today: Bearish

 

 

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The retracement is likely over, GBP/USD is quite bearish and it will probably test the last low at 1.3835 once again. A breakout below it would probably lead to a further move to the downside towards 1.3800.
 

Interesting day for GBP/USD. We have strong Sterling on BoE and the pair skyrocketed to reach daily high at 1.4013. Th afternoon will bring US macto data, so let’s see how the greenback will behave.

 
Pound/dollar had a bearish momentum yesterday, reaching bottom at 1.3848. The signals are bearish so far, especially if the price can make a clear break below 1.3835 for testing at 1.3750. The first resistance is 1.3935, whose breakthrough can take the price to a neutral trading area with 1.3978 testing. Overall, I remain upward, but the longer the pair stays below 1.4275, the price is still in the downward consolidation phase.
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