Spike Recorded on GBPUSD While It Pushed past Key Technical Resistance Level at 1.2582


GBPUSD Price Analysis – October 13

The sterling had spiked up against the greenback on Friday while pushing past the key level at 1.2582 and surging as high as the level at 1.2706. While trending higher for the 2nd day in a row, GBPUSD ended the week higher and from another angle, the FX pair may extend gains against the US Dollar within the next trading session.

Key Levels

Resistance Levels: 1.3185, 1.2859, 1.2782

Support Levels: 1.2501, 1.2412, 1.2280

GBPUSD Long term Trend: Bullish

The GBPUSD exchange rate surged to the horizontal zone on the at 1.2706 before retracing downwards during the Friday trading session. The rate had surged past key technical resistance level at 1.2582.

Presently, the bulls were in full control in the last session and may extend further, it may move the market higher throughout the next session, as it is the FX pair confirmed its breakout through the prior session high.

GBPUSD Short term Trend: Bullish

On the 4-hour time frame of the pair, buyers have managed to take out the key technical resistance level at 1.2582, however, the British Pound may consolidate against the US Dollar at the psychological at 1.2501 in the near term.

Although the prior outlook shows a strong bearish trend to the level at 1.1958, while still in a long-term downtrend, the short and medium-term trends presently have turned bullish already.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.