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Forex News

Pound dropping sharply, nearing 1.3000 figure

  • The market is in search of a clear direction. 
  • The level to beat for sellers is the 1.2973 level.

 

GBP/USD daily chart 

 

 The market is essentially ranging above the 100/200-day simple moving averages (SMAs) and an ascending trendline. 

 

GBP/USD four-hour chart

 

The pound is dropping sharply from the upper range of the last month of trading. Bears are likely back in control and a break below the 1.3010 support can lead to the 1.2967 and 1.2900 levels, according to the Technical Confluences Indicator. Resistances are seen near the 1.3035, 1.3080 and 1.3129 levels.   

 

 

Resistance: 1.3035, 1.3080, 1.3129 

Support: 1.3010, 1.2967, 1.2900

 

 

Additional key levels

 

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