A deep dive into the technicals driving the GBPUSD as the clock ticks toward the weekend

Technical Analysis

As the clock ticks to the weekend, what are key levels in play and why now and heading into to the new trading week for the GBPUSD?

This week, the price of the GBPUSD moved above the 61.8% of the move down from the 2021 high to the 2022 low. That level comes in at 1.2760 and is now close support and close risk. Stay above and the buyers are more in control.

A more conservative risk area would come in between 1.2600 and 1.2680. That level is also a retracement of the trend move higher in trading this week.

ON the topside, more upside momentum would have traders eyeing 1.3000 as the next most important target.

For now, and for this week, the buyer took firm control and also made some key breaks that traders will now look for as key support.

Articles You May Like

US Dollar goes nowhere while G20 is set to meet on Ukraine this week
UK CPI set to rise above BoE target in October, core inflation to remain high
Germany’s Thyssenkrupp pops 8% after narrowing net loss and booking $1 billion impairment charge
EURUSD Technical Analysis – The Euro falls to the lowest level since 2022
ICYMI – Chinese vessel spotted where Baltic Sea cables were severed

Leave a Reply

Your email address will not be published. Required fields are marked *