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Abstract:The British Pound marked a third consecutive weekly decline against the US Dollarthis week with GBP/USD nearly 0.5% to trade at 1.3671 ahead of the close of US trade on Friday.
The British Pound marked a third consecutive weekly decline against the US Dollarthis week with GBP/USD nearly 0.5% to trade at 1.3671 ahead of the close of US trade on Friday. The decline highlights a consolidation range at trend extremes and were on breakout watch in the weeks ahead. These are the updated targets and invalidation levels that matter on the GBP/USD weekly chart.
A break / close below this weeks low is needed to mark resumption with such a scenario exposing subsequent objectives at the 2017 high-week close at 1.3494 and critical support at 1.3245 – 1.13304- a region defined by the 61.8% Fibonacci retracement off the 2018 decline, the 2020 yearly open and the 100% extension of the June decline. Initial weekly resistance stands with the upper parallel (currently ~1.38) with a close above the 2018 high-week close / 61.8% retracement at 1.3992/97 needed to shift the broader focus back to the topside in the British Pound.
Sterling is in consolidation just below multi-month downtrend resistance with GBP/USD carving a series of lower highs and higher lows just above multi-year uptrend support. From a trading standpoint, the focus is on a breakout of the monthly range for guidance with the broader outlook still weighted to the downside while within this formation. Note that a break lower here could fuel another bout of accelerated losses- stay nimble. Look for rallies to be capped by the 1.38-handle IF price is indeed heading lower. Ultimately , a larger correction may offer more favorable opportunities closer to trend support. Review my latest Sterling Price Outlook for a closer look at the near-term GBP/USD technical trade levels.
Stay tuned!
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
On Wednesday, November 17, we expect movement inside the channel, limited by the levels of 1.3346 and 1.3508.
Today the GBP/USD pair downward trend continues. Therefore, in case of overcoming the level of 1.3517, the downward movement may continue with the next target of 1.3424.
GBP/USD remains on the back foot around monthly low. Downside break of two-month-old support, bearish MACD favor sellers. 200-day EMA adds to the upside filters, 61.8% Fibonacci retracement offers extra support.
A modest bullish trend is expected for this week.