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.
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 is an experienced author, trader, markets analyst, signals strategist, and funds-manager.