- GBP/USD’s rally ran out of steam close to its two-month-old ascending channel resistance.
- Any dip could towards 1.31 be considered a buying opportunity.
- A meaningful move beyond the channel resistance could open the door to more gains.
GBP/USD’s rally ran out of steam at a two-month high eased back from the 1.3310-15 area. which marks the top boundary of an upward sloping channel from mid-September.
GBP/USD declined to daily lows, at 1.3230 Any additional fall could attract dip-buying around 1.3200 mark, limiting the downside around resistance at 1.3180-75.
However, any follow-through selling below 1.3150-40 could negate the bullish trend and prompt technical selling. GBP/USD could then accelerate the sell off to 1.3100.
1.3300 could cap the upside. A meaningful beyond here could see more buyers jump in and set the scene to a move towards September daily closing highs resistance at 1.3385.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
