GBPUSD Unable to Hold On to Highs, Trades Beneath 1.3100 Level

GBPUSD Price Analysis – August 9

After striving tough to shift over late July, GBPUSD fell back under the 1.3100 mark. The US dollar has made a comeback with the non-farm payroll data as the trigger for what feels like a lifetime. The figures exceeded analyst expectations to report at 1.763 million from 1.6 million.

Key Levels
Resistance Levels: 1.3514, 1.3303, 1.3185
Support Levels: 1.2982, 1.2812 1.2647
GBPUSD Long term Trend: Bullish
Seeing the daily chart now, though its trend has not been completed by the reversal. When the support zone gives way at 1.3050 levels, breaks to the downside may start and this will be a strong sign that the pattern may change as the low wave will be taken out. Then traders may be trying to establish a lower high lower low pattern.

Although the recovery from the 1.1409 level is high in the broader sense, there is still not enough evidence for a trend reversal. Sooner or later the downward trend from the level 2.1161 (high) may well continue. Nonetheless, a decisive breach of 1.3514 level might at least indicate bottoming in the medium to long term and bring out the bullish potential for 1.4376 resistance level first.
GBPUSD Short term Trend: Bullish
Last week, GBPUSD drifted higher to 1.3185 level but reversed swiftly. Initial bias is predominantly neutral. Even more, the rise may still be seen as long as a support level of 1.2982 persists. The 1.3815 breakouts may reach a 100 percent forecast of 1.1409 to 1.2647 levels at 1.3303 level from 1.2075.

Breaking of 1.2982 initial support level will, therefore, indicate short-term topping. Intraday bias for 1.2812 resistance level turned support will be shifted back to the downside.

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