GBP/USD Faces More Drops in Short Term

FXOpen

 

After the gains of the dollar on Wednesday and Thursday,
GBPUSD decline can shift into lower gear.

According to downtrend of this week, sell GBP at 1.6520 with 40/50 pips as next target.

Today, there is no revelant US report. So, the market will be thin.

It will be interesting to see some correction for the pound before to consider to sell it again.
Later today, the calendar in the UK is rather thin with only the monthly budget
data on the calendar.
After the close of the markets, BoE’s Dale will speak on monetary policy.

If GBPUSD break the resistance 1.6520, the price can follow a new upside to 1.6570 resistance level.
You can expect more drops if the price breaks the level 1.6500.

GBP/USD Faces More Drops in Short Term


Outlook: Sideways

Trend : slightly bearish

Breakout: Downside

OB/OS : Oversold

 

R1 – 1.6538
R2 – 1.6579
R3 – 1.6621

S1 – 1.6447
S2 – 1.6406
S3 – 1.6365

If you're intraday trader , new bidders can show interest at 1.6460 support zone.

 

Read the following ilustration about the overall FX short term.

The picture is provided by Saxo Bank.

We know that Friday is a calm day to trade without excessive information.

Let's wait for Monday.

New corrections are required before to short it.

 

GBP/USD Faces More Drops in Short Term

 

Good luck!

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Indices

DAX Stock Index Declines Amid Trump Tariff Threat

The German stock index DAX 40 (Germany 40 mini at FXOpen) is showing bearish momentum at the start of the week. This may be driven by a combination of factors, the most significant of which is the threat of tariffs

Commodities

Market Analysis: Gold and WTI Crude Oil Climb Higher Amid Market Optimism

Gold price started a fresh increase above the $3,350 resistance level. WTI Crude Oil price climbed higher above $66.50 and might extend gains.

Important Takeaways for Gold and WTI Crude Oil Price Analysis Today

  • The gold price started
Cryptocurrencies

Bitcoin Price Surpasses $120K for the First Time: What’s Next?

Last week, while analysing the potential for a new all-time high in Bitcoin’s price, we highlighted that the amount of BTC held on cryptocurrency exchanges had dropped to its lowest level in months. This dynamic creates the potential for

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.