GBP/USD technical analysis: Volatility with lows.
- The GBP/USD pair traded with a negative bias for the third session on Friday and extended this week’s rejection slide from the 1.2756-69 supply zone area.
- The pair has now dropped to the lower end of its weekly trading range, around the 1.2658 region, which if broken would set the stage for a further near-term depreciating move.
- The British pound/US dollar pair is one of the most liquid trades in the forex space. The tight bid spreads, volume and volatility, all ensure the popularity of day trading the GBP/USD is only set to rise. This will break down everything you need to know, from the history of the GBP/USD pair to its benefits and risks. Strategies will then be available, including technical analysis, trading hours, plus forecasts for 2019 and onwards.
GBP/USD Trading Brokers
Meanwhile, technical indicators on hourly charts maintained their bearish movements, adding credit to the negative outlook supporting prospects for an eventual bearish breakdown amid persistent Brexit worries. A follow-through selling might turn the pair vulnerable to extend the downward trajectory towards challenging the 1.2611 round figure mark en-route multi-month lows support near the 1.2564 region.
On the other side, the 1.2675 region, closely followed by the 1.2711 handle now seems to act as immediate resistance levels, which if cleared might assist the pair towards challenging the 1.2752-64 important barrier. Only a sustained move beyond the mentioned hurdle might prompt some near-term short-covering.
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