Sterling Technical Price Outlook: GBP / USD Weekly Commodity Levels
- Sterling technical trade level update – weekly schedule
- GBP / USD breakthrough, which is the highest resistance each year
- Resistance at 1.4036-1.43 – support 1.40, broader bullish repeal1.3675
The British pound again tries to celebrate the fourth consecutive weekly progress US dollar together GBP / USD at the highest level of the year under critical resistance. Progress is hampered by a weekly divergence of momentum, suggesting that progress may be vulnerable in the coming days. These are updated targets and repeal levels that are significant for GBP / GBPUSD weekly technical schedule. Overview my last Strategy webinar for its thorough distribution Cable trade setup and more.
Sterling price chart – GBP / USD per week
Notes: In my last Sterling weekly price outlook we noted that the GBP / USD rise had stalled in the main resistance and that “there is a risk of a deeper correction in the 2020 uptrend, while 1.40handle. “Our technical outlook was canceled a week later, breaking / exceeding resistance at the end of the 2018 peak week / 61.8% Fibonacci the decline of the February decline at 1.4000 / 24 heats another run in critical turning zone with high closure in 2018/50% in arrears 1.4236-1.43– Once again, we are key.
Initial week support now resting back 1.4000 / 24 guaranteed by an objective monthly opening 1.3819– when both levels of interest in possible negative exhaustion have been reached. Wider bullish cancellation in support of the channel / Brexit divide at 1.3675. Top breakage / closure 1.43-the handle reveals the following resistance targets in the 2018 high 1.4377– when this threshold is exceeded, the first effect occurs 1.4745!
Review Michael’s full trading strategy for a breakdown Fundamentals of the Technical Analysis Series Bluilding a Tirradiation Strategy
Bottom line: The Sterling Rally can be resilient to objective moments of the year – a good trade zone for reducing long-term exposure / raising stops. We’re looking for possible price fluctuations in this area – see weekly closing for instructions. Ultimately, a larger withdrawal may provide more favorable entries closer to the uptrend if the breach / foreclosure exceeds 1.43, which is necessary to signal the continuation of the broader upward trend of the British pound. Post updated Sterling price outlook if we receive further clarity on the near-term level of GBP / USD technical trade.
Sterling Trader Sentiment – GBP / USD price chart
- Summary IG customer mood shows that traders are net-short GBP / USD – the ratio is -1.65 (37.67% of traders are long) – usually bullish reading
- There are long positions1.70% higher than yesterday and 10.76% higher than last week
- Short positions are8.99% higher than yesterday and 1.25% lower than last week
- We usually view the controversial situation of the crowd and the fact that traders are short indicates a continuing rise in GBP / USD prices. Traders are more short than yesterday, but less than last week. The combination of current positioning and recent changes gives us an additional mixed GBP / USD trading bias from a feeling position.
Key UK and US economic data statements
Economic calendar – the latest economic developments and upcoming event risks.
Previous weekly technical tables
– Written Michael Boutros, DailyFX Technical Currency Strategist
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