Market Overview

Technical Forecast for GBP/USD

Technical Forecast for GBP/USD


GBPUSD broke 1.6077 but bounced from 1.6055. There is no direction this week so we watch for support at 1.6095/90 then 1.6055/45. Below 1.6030 keeps the market under pressure for a buying opportunity at 1.6000.


Above 1.6100 could allow a retest of this week's high at 1.6144/49. This should hold the move but above here use 1.6190/6200for the next selling opportunity. However a break higher could retest October highs at 1.6260.


Weekly outlook: Trying to hold a break above 1.6120 to target 1.6200 & possibly October highs at 1.6260. Support at 1.5920/00 but below here is more negative & can target good support at 1.5710.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Forex Economics Markets Trading Ideas


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