GBPUSD: Bearish Momentum Persists With Key Support on the Level at 1.2824

GBPUSD: Bearish Momentum Persists With Key Support on the Level at 1.2824

GBPUSD Price Analysis – February 9

The currency pair fell for the third day in a row, closing the week at 1.2885, the lowest since November last year. The pound surrendered to the demand of the dollar, even though data on the UK provided encouraging signs.

Key Levels
Resistance Levels: 1.3700, 1.3514, 1.3172
Support Levels: 1.2977, 1.2582, 1.1958

GBPUSD Long term Trend: Bullish

In a larger structure, the advance from the bottom of 1.1958 is not yet complete, despite the current rollback level of 1.3514. It is expected that this rally will continue later to 1.3700 key resistance levels.

The reaction from there will determine whether it will grow from the level of 1.1958 (low). Or a sustained breakout at 1.3700 could signal a long-term bullish reversal. In any case, at the moment, the trend may remain bullish, while the resistance level 1.2582 has reversed and holds support.

GBPUSD Short term Trend: Bearish

GBPUSD fell to the level of 1.2881, as the correctional decline from the level of 1.3514 resumed. The initial bias is now lowering this week for the forecast of 61.8% from 1.3514 to 1.2900 from 1.3172 at 1.2833 in the first place. The break will aim at 100% forecasting at 1.2600 in the next.

On the other hand, after the level of 1.2977, a slight resistance can primarily change the neutrality of the intraday bias. But a further decline is expected as long as the resistance of 1.3172 persists if restored.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.