Spotlight on GBPUSD. The latest daily technical analysis by AAATrade reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.
GBPUSD
Looking at GBPUSD’s 4-hour chart, we can see its downward trend of the past month started to slow down as there was a bounce from its support at 1.341, after the 2% drop during the last couple days of September, followed by weeklong consolidation at the 1.356 price range, thus paving the road for a leg up into the 1.377 range where it was trading before the breakdown from its previous 6-months long support at 1.36185. It is currently found trading at the 1.367 price range.
Today we could expect an attempt to rise towards its resistance level of 1.371, as the short-term momentum plays, and since the 1.36185 resistance was broken after consolidation. If, however, it does not manage to hold its current level, then we could expect a move towards the support base at 1.359 and possibly further below.
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