Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

GBP/USD: British Pound Downtrend Intact Vs. US Dollar

Published 10/17/2017, 10:09 PM
Updated 07/09/2023, 06:32 AM

Key Highlights
· The British Pound recovered well from 1.3030, but faced strong offers near 1.3300 against the US Dollar.
· A key bearish trend line with current resistance at 1.3260 on the 4-hours chart of GBP/USD is acting as a barrier.

GBP/USD Technical Analysis
The British Pound corrected sharply from the 1.3030 level against the US Dollar. However, the GBP/USD pair is struggling to settle above 1.3300 and remains at a risk of more declines.

The pair recently failed to break the 100 simple moving average near 1.3330 (4-hour, red) and started a downside move. It also failed near a key bearish trend line with current resistance at 1.3260 on the 4-hours chart.

Therefore, there are chances of further losses in GBP/USD as long as the pair is below the 1.3300 resistance.

GBP/USD Chart

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.