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 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.
27 Jan 2018
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