Chart Of The Day: Weakness Prevails In GBPUSD Prior To Important British Data

Mon, 11 Feb 2019 12:55

With a fortnight long descending trend-line aptly portraying GBPUSD weakness, traders await headline UK Q4 2018 GDP figures in order to register much moves. Presently, 100-day SMA level of 1.2890 becomes immediate support for the pair, breaking which 1.2850 and an upward slanting trend-line at 1.2825 seem important to watch. If at all the pair drops beneath 1.2825, the 50-day SMA level of 1.2810 may offer intermediate halt to its plunge to 1.2700 round-figure.

On the upside, a D1 close beyond 1.2960 trend-line becomes necessary for the pair to aim for 1.30000 resistance level. Also, pair's successful trading past-1.3000 enables it to challenge the 1.3055 and the 1.3130 numbers to north.

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