NinjaSingapore

Will GBPUSD test 1.4800? Let's see

FX:GBPUSD   Britisches Pfund / US-Dollar
GBPUSD             has not been traded above 1.4000 level since the announcement of BrExit in June 2016. Due to the recent weakness in USD, we see GBPUSD             come back to 1.4000 level this week and in fact, it traded as high as 1.4344 on 25 Jan 2018 before closing for the week at 1.4162.

Investors like you may be wondering this pair's movement in the following week and we have this question in our mind - will GBPUSD             be testing 1.4800 at all? From a technical outlook, this pair had been in an uptrend bias since the recent low of 1.3301 on 15 December 2017. In fact, this pair has already moved 800 pips in a matter of less than 6 weeks. Therefore, this pair has a near-term upward directional bias.

Based on our forecast, if the bullish momentum continues, we could potentially see this pair reach our first level of resistance at 1.4460 and if this level cannot act as the resistance, then we could potentially see GBPUSD             test 1.4800. On the other hand, if there is a sudden change of the directional bias on this pair, we could potentially see this pair retrace to 1.4000 as our first target level, and if this level cannot provide the necessary support, GBPUSD             could potentially be retraced to 1.3900 and 1.3750 as our second and third levels of support respectively.

We will monitor this pair and provide our update as and when it is necessary.

Good trading
NinjaSingapore
27 Jan 2018

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Trade ist aktiv: GBPUSD hit S1 today. We will monitor this pair to see whether this level provides the support for GBPUSD to continue going higher.
Trade geschlossen: Ziel wurde erreicht: GBPUSD is bouncing off between S2 and S3 level. We shall treat this case study a close and look for further opportunity to jump back in future when the right time comes.
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