Looking at the GBP/USD Weekly chart, we can see it trading in the 1.35 region at the start of last week, climbing steadily in the 1.356 range, returning to 1.354 briefly but then a 0.7% spike during Thursday’s session stirred things up. Even though it reached as high as 1.364, there was no consolidation around that range and as a result, it returned to the 1.352 support level. On Friday’s session, there was an equally volatile price action, rising from 1.352 to 1.36 but then fading away and returning to the 1.354 where it was last found trading. The closest overhead resistance can be found at the 1.36 range and the closest support at the 1.35 level.
Today, we could expect a move towards the 1.36 resistance level or consolidation at the current level.
If however, it doesn’t manage to hold on to the current level and consolidate, then we could expect a move towards the 1.35 support level.
(Click on image to enlarge)
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