GBPUSD FOREX INVESTORS RISING MIDDAY Monday August 21
GBPUSD FOREX INVESTORS increased 0.0034 or 0.26% to 1.2906 on Monday August 21 from 1.2872 in the previous trading session. Historically, the British Pound reached an all time high of 2.86 in December of 1957 and a record low of 1.05 in February of 1985.
24-hour view: “GBP traded in a range of 1.3832/1.2919, modestly wider than our expected 1.2830/1.2910 consolidation range. The daily closing is largely unchanged which suggests further range trading, likely not moving much out of last Friday’s range”.
GBPUSD FOREX INVESTORS
Next 1-3 weeks: “The bearish phase that started two weeks ago (see update on 07 Aug, spot at 1.3045) is still intact as GBP eked out a ‘fresh low’ of 1.2832 last Friday. Downward momentum appears to be struggling even though another leg lower towards the major support at 1.2775 is not ruled out just yet. Only a move back above 1.2970 (stop-loss level unchanged) would indicate that the bearish phase has ended (on a shorter-term note, GBP should ideally hold below the 1.2920 resistance)”.
In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern. While further rise cannot be ruled out, larger outlook remains bearish as long as 1.3444 key resistance holds. Down trend from 1.7190 (2014 high) is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.