Brexit-Day Tension as GBPUSD Bullish Potential Stays Intact on Greenback’s Weakness

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GBPUSD Price Analysis – February 2

The GBPUSD pair exited the week with a few points past the 1.3200 level, its highest level in about a month. Its the start of a fresh age, while the focus is now shifting more clearly from the “Brexit deal” to a “business partnership” with the European Union. On the other hand, the US dollar was neglected on the back of the US Treasury yield curve due to risk aversion.

Key Levels
Resistance Levels: 1.3600, 1.3514, 1.3280
Support Levels: 1.3000, 1.2582, 1.1958

GBPUSD Long term Trend: Bullish

The GBPUSD pair is trending around the 50% correction level to the 1.3514 / 1.2900 level, which is technically bullish. On the daily chart, the pair has moved past all its moving averages, 5 and 13, despite remaining unchanged at 1.3080 level.

In the larger structure, the advance is anticipated to continue from the long term bottom of 1.1958 level to the upside to retest the major resistance at 1.3280 level. The result from there may determine whether its coherent from 1.1958 (low) level. The trend may stay bullish as long as the resistance at 1.2582 level stays as support.

GBPUSD Short term Trend: Bullish

In the 4 hours chart, the risk also tends to the upside, as the pair has moved past all its moving averages, while technical indicators have barely dampened its advance in overbought levels.

The GBPUSD strong rebound and the breach of the 1.3172 resistance level last week indicate that the sideways pattern from the 1.3280 level has been completed at 1.2977 level. Initial bias to the upside this week may return to 1.3280 first. The breakout might reach the 1.3600 level while on the downside, breaking the minor support at 1.3118 level may turn neutral throughout the day.

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