GBPUSD Trades to Daily Lows Ahead

GBPUSD Trades to Daily Lows Ahead

GBPUSD 

  • Buz Traders GBPUSD Trades to Daily Lows At 09:40 GMT, the pair is trading at 1.2989, with the Pound trading a tad higher against US Dollar from the New York close.
  • In economic news, data showed that UK’s public sector net borrowing posted a deficit in August. The pair witnessed a high of 1.3004 and a low of 1.2943 during the session.
  • Yesterday, the Pound traded 0.21% higher against the US Dollar in the New York session and ended at 1.2984. Immediate downside, the first support level is seen at 1.2951, while on the upside, the first resistance level is situated at 1.3018.

GBPUSD Trades to Daily Lows What’s next for the EUR/USD and US Dollar

GBPUSD Trades to Daily Lows Ahead

GBPUSD Trades to Daily Lows The GBP/USD is trading to new weekly lows after prices have broken below the critical 1.3000 value of support. While it was expected that US Dollar pairs may breakout tomorrow with the latest FOMC rate decision,

READ  GBPUSD Midday Look at British Pound for Monday

 

the GBP/USD is already losing ground as traders speculate on the likelihood of a FED rate hike. Technically the GBP/USD is currently in a downtrend with prices declining as much as 498 pips from the monthly high at 1.3445. Trades should continue to monitor short-term price momentum going into tomorrow’s news to determine if this trend is set to continue, or retrace towards points of resistance.

Other  Stories Buz Investors Trade

In the 10-minute graph below, the GBP/USD can be seen bouncing from this morning’s low of 1.2947. The Grid Sight Index (GSI) has interpreted this move as a developing short-term uptrend as the pair has continued to rise in the last 30 minutes of trading. After reviewing 48,444,623 pricing points, GSI has indicated that price action has continued to advance by 20 pips or more in 46% of the reported 59 historical matching events. If prices continue to retrace this morning’s move, traders should look for the GBP/USD to move through the first bullish historical distribution at 1.2988. A move through this point would indicate that the GBP/USD is at least temporarily supported, allowing traders to target new values of resistance.

READ  Buz Investors GBPUSD pound fell 0.3% against the US dollar

 

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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