GBPUSD Ticks up Past 1.3150 Level As Brexit Challenges Limit the Upside

GBPUSD Ticks up Past 1.3150 Level As Brexit Challenges Limit the Upside

GBPUSD Price Analysis – November 8

The GBPUSD has ticked higher up past the 1.3150 level against a broadly weaker US dollar in the prior session to reach the recent high of its trading range, at the 1.3177 level. The British Pound was undermined by Brexit challenges, as another week went by with significant disparity staying on key levels.

Key Levels
Resistance Levels: 1.3514, 1.3356, 1.3267
Support Levels: 1.3007, 1.2881, 1.2675
GBPUSD Long term Trend: Ranging
The daily chart implies that the pair has consolidated beyond its 5 and 13 moving averages, which lack directional strength, while the relative strength index is consolidating just beyond its midlines. GBPUSD is trading sideways, now testing highs around 1.3177 level as the US dollar stays weak.

In a broader context, attention stays at the key resistance level of 1.3514. A decisive breakout may occur on sustained trading outside of the ascending trendline support, which is now at 1.3007. The pattern may validate a mid-term bottom at 1.1409. Nonetheless, a deviation at 1.3514 will preserve medium-term bearish sentiment for another decline beneath 1.1409 at a later phase.
GBPUSD Short-term Trend: Bullish
GBPUSD stayed in the 1.2881/1.3175 range last week and the trend is unaltered. The initial bias stays neutral for now. On the other hand, a breach of the 1.3177 level could resume the bounce from 1.2675 to retest the 1.13482 high.

On the other hand, a breach of 1.2853 support could lead to a retest of 1.2675 as well as a 38.2% retracement from 1.1409 to 1.3482 at 1.2750 levels. The pair needs to breach beyond 1.3177 to continue gaining, but the pair requires a strong positive Brexit catalyst to stay bullish.

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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.