GBPUSD is pulling up from its recent slide and looks ready to test the nearby resistance levels. Applying the Fib tool on the latest swing high and low on the 1-hour chart shows that the 38.2% retracement level lines up with a broken support zone around the 1.3100 major psychological mark, which might now hold as resistance.
The GBPUSD pair did very little during the day on Monday, forming a slightly negative candle.
The British pound fell again during the day on Friday, as we continue to grind our way down towards the 1.30.
GBPUSD remains in downtrend from 1.5016, the rise from 1.2795 is likely consolidation of the downtrend.
GBPUSD pair initially rallied a bit, but at the end of the day could not break above the 1.30 level with any gusto.
The GBPUSD pair gapped lower at the open on Monday as anticipated, and as a result we continue to see selling pressure.
The GBPUSD pair initially fell during the course of the day and then turn right back around to break out to the upside. However, there is still more than enough resistance at the 1.48 level to keep this market somewhat soft, and this was initially a “knee-jerk reaction” to the latest polling data out of the UK when it comes to the EU referendum.
GBPUSD’s downward movement from 1.4769 extended to as low as 1.4012.
GBPUSD moved sideways in a trading range between 1.4332 and 1.4769.
The GBPUSD pair initially rose during the course of the session on Wednesday, but turned right back around to form a bit of an exhaustive candle.
