GBPUSD May Plummet on a Break of the Immediate Support at 1.2970

GBPUSD Price Analysis – January 19

The GBPUSD pair exited in the prior week in the red and fell slightly after a little pullback of its level of 1.3514 / 1.2900, forming a triangle at the level of 1.3050. The currency pair plummeted from a daily high of 1.3118 level on Friday after the release of gloomy UK retail sales data to exit the week just past 1.3000 level.

Key Levels
Resistance Levels: 1.3514, 1.3280, 1.3118
Support Levels: 1.2970, 1.2582, 1.1958

GBPUSD Long term Trend: Bullish

In a larger structure, further advance is expected from the low at the long-term bottom of 1.1958 level to retest the resistance on the level at 1.3700. The results from there can determine if it is in consolidation from low.

Meanwhile, a steady break of 1.3700 level may indicate a long-term bullish reversal. However, at the moment, the trend may remain bullish, while the resistance level at 1.2582 has altered and holds as support.

GBPUSD Short term Trend: Ranging

The recovery of GBPUSD to the level of 1.3118 last week occurred early, but immediately retreated. The initial bias remains neutral this week first. On the other hand, a steady breakthrough of a small recovery at the level of 1.1958 to 1.3514 at the level of 1.2970 may start a correctional plunge from the level of 1.3514.

The next goal may be a slight recovery at 1.2506 level. On the other hand, overcoming the level of 1.3118 may change the bias towards the resistance level of 1.3280.