Blog post

​Technical Analysis: GBPUSD gears up for monthly top beyond 1.3300

With the recently increasing odds of a soft Brexit, GBPUSD extends pullback from the monthly support line, towards challenging Monday's top above 1.3200. While normal RSI conditions and the latest positive from the fundamental side favor the quote's further upside, an upward sloping trend line from October 21 joins the monthly peak surrounding 1.3315 to challenge the bulls. Should the GBPUSD buyers manage to conquer 1.3315 on a daily closing basis, the 1.3400 and the yearly top around 1.3480, marked in September, will regain market attention.

Should the latest Brexit optimism wanes, sellers will quickly search for clues to break an upward sloping trend line from November 02, at 1.3170 now. If the bears succeed in breaking the 1.3170 support line, 1.3100 and 50% Fibonacci retracement level near 1.3080 will act as their immediate targets ahead of the monthly low around 1.2850. During the fall, 1.2970 and 1.2900 can act as extra filters to the south.

Join us on FB and Twitter to stay updated on the latest market events.

Our awards

award1 award2 award3 award4