Bullish Potential Stays Restrained on GBPUSD After a Retreat From High at 1.2400 Level

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


GBPUSD Price Analysis – May 31

In the previous session, the GBPUSD pair hit 1.2395 level, a two-week high, pulling back rapidly from the level to regain afterward on recovery and getting stuck at 1.2345 level. By the close of the week, the UK had not provided macroeconomic data with the emphasis now on Brexit deal and emerging trends in coronavirus. Besides that, this week’s concluding round of UK-EU dialogue is set to take place.

Key Levels
Resistance Levels: 1.3514, 1.2647, 1.2412
Support Levels: 1.2075, 1.1792, 1.1409

GBPUSD Long term Trend: Ranging
The GBPUSD pair may have ended the week with growth but as per the daily chart, the bullish impact is constrained. The rebound from Sterling’s low level of 1.2247 hit two-week highs at 1.2395 level. That being said, the pair could not stabilize at those levels and tumbled down to level 1.2345.

In the wider context, although the turnaround from level 1.1409 is positive, there is still no confirmation of trend reversal. In whichever way, in case of a strong rebound, the trend may even stay bearish as long as 1.3514 resistance level holds intact.

GBPUSD Short term Trend: Ranging
GBPUSD’s 1.2075-level rebound advanced higher last week and this week’s initial trend stays on the upside. The latest trends assert that the 1.1409 rebounds may still be underway.

Another rally can be seen at a level of 1.2647 and a break can reach a forecast of 61.8 percent from 1.1409 to 1.2647 from 1.2075 to 1.2725 levels next. That being said, on the downside beneath 1.2247 minor support level may instead alter bias back to the downside at 1.2075 level.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *