Limited Bearish Momentum Pressures GBPUSD After the Upward Rally to the Level at 1.3012

GBPUSD Price Analysis – October 27

Earlier in the last trading week, the GBPUSD had rallied up to the horizontal zone on the level at 1.3012 but had retraced since then exiting the prior trading week -1.19% lower on the level at 1.2829. However, as the market opens today we’ll see a scenario that is calming as the FX pair awaits the next moves derived from ongoing Brexit fundamentals.

 

Key Levels

Resistance Levels: 1.3301, 1.3185, 1.3012

Support Levels: 1.2749, 1.2582, 1.2204

GBPUSD Long term Trend: Bullish

As seen on the daily on Friday, the GBPUSD had found buyers in the near term around the level at 1.2804 pushing the pair few pips higher but likewise, the GBPUSD had closed within prior day’s range after the lackluster session.

As we enter a new session, its initial bias stands as neutral this week for likely consolidations at first. Meanwhile, the downside of the retracement may then be contained above the level at 1.2582 resistance turned support which may then bring another bullish resumption.

GBPUSD Short term Trend: Bullish

On the 4-hour time frame, the pattern displays a limited bearish momentum with pressures from the moving average 5, presently trending in between the level at 1.2782/1.2859 area.

Therefore, it is likely that the pair may decline in the short term. A possible downside target is a psychological level at 1.2749 minor support. The overall outlook is showing that the FX pair remains bullish, displaying an intact uptrend in the short and long-term.

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