Looking at GBPUSD’s Chart, we can see its sideways price action since the start of the week, trading between the 1.328 price range which acted as support, and the 1.336 price range seen as overhead resistance. On the 30th after a nice build-up there was an attempt to break the 1.336 but without success, followed by a big sell-off on Dec 1st falling from the 1.335 range straight to 1.3225. From there on, it managed to bounce up strongly reaching as high as 1.334 by the end of the day, recovering most of the losses. Earlier today it didn’t manage to hold on to that price level, steadily falling and it is currently traded at 1.328 right at the weekly support level.
Today we could expect a move below the 1.328 support level possibly near the 1.3225, as the spike in negative momentum from yesterday is in play.
If, however, it manages to hold its current level and consolidate, then we could expect a move near the 1.334 price range.
(Click on image to enlarge)
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