The British pound erased some of its gains last week on Monday. GBP/USD broke three-day winning streak yesterday, reporting a drop of 88 pips to 1.2485. The pair traded within the extreme values 1.2591 and 1.2443. Despite the decline, the bulls remain in the leading position. Break 50-period average, however, will test their capacity by a further test of 1.2350.
The GBP/USD, good technical round number levels
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victoriajensen
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GBP/USD bounced off the support at 1.2420 which coincides with the (MA)89 indicator on the four-hour time-frame after forming spinning top bars above that level on both the daily and four-hour time frames. Next target is likely at 1.2600.
On Thursday, the dollar was almost unchanged at 14-year peak against other major rivals amid lingering optimism over the US economy, while trade volumes remained fragile due to Thanksgiving. GBP/USD is stable at 1.2447. Nearest levels of support and resistance are respectivly at 1.2320 and 1.2500.
The pound recorded choppy trade against the dollar on Thursday. Ultimately opening price was close to closing, respectively, 1.2437 and 1.2446. The trend has been volatile, and the difference between the highest and lowest value for the day was 93 pips. If the pound justify positive expectations, the pair will test resistance at 1.2529 soon.
victoriajensen
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GBP/USD bounced off 1.2530 after forming a shooting star candlestick on the four-hour time-frame and continued falling. A breakout below the support at 1.2380 will likely lead to a further move to the downside towards 1.2300.
Pound / Dollar had a bullish momentum yesterday, topped at 1.2525. The outlook is bullish in nearest term for testing 1.2600. Initial support is at 1.2455, whose breach could lead price to neutral trading zone testing 1.2400 but as long as the pair holds above 1.2330, I prefer bullish scenario at this stage.
The British pound recorded a modest rise against the US dollar on Wednesday. After a volatile session, the pound added only 15 pips at a closing price of 1.2505. The pair bounced from support at 1.2460 and if prices continue to rise pound will move to the first resistance at 1.2790.
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