Will GBPUSD test 1.4800? Let's take a look
Updated
GBPUSD has not been above 1.40 since the announcement of Brexit in June 2016. However, we note that finally this pair has come back to this level and in fact, it has made the high of 1.4344 on 25 Jan 2018 before retracing to 1.4162 on 26 Jan 2018.
Investors like you may be wondering this pair's movement in the following week and we have this question: will GBPUSD test 1.4800? Let's see. From a technical outlook, this pair has been going up since the recent low of 1.33 on 15 December 2017. Therefore, it has a near-term upward directional bias.
Based on our forecast, if the bullish momentum continues, we could potentially see this pair test 1.4460 which is our first resistance level and if this level cannot act as the resistance, then we could potentially see GBPUSD test 1.4800 as our second resistance level. On the other hand, if there is a sudden change of the directional bias on this pair, we could potentially see this pair retrace to 1.4000 as our first target level, and if this level cannot provide the necessary support, GBPUSD could potentially be retraced to 1.3900 and 1.3750 as our second and third levels of support.
We will monitor the price movement of this pair and provide the necessary update accordingly.
Good trading
NinjaSingapore
27 Jan 2018
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Investors like you may be wondering this pair's movement in the following week and we have this question: will GBPUSD test 1.4800? Let's see. From a technical outlook, this pair has been going up since the recent low of 1.33 on 15 December 2017. Therefore, it has a near-term upward directional bias.
Based on our forecast, if the bullish momentum continues, we could potentially see this pair test 1.4460 which is our first resistance level and if this level cannot act as the resistance, then we could potentially see GBPUSD test 1.4800 as our second resistance level. On the other hand, if there is a sudden change of the directional bias on this pair, we could potentially see this pair retrace to 1.4000 as our first target level, and if this level cannot provide the necessary support, GBPUSD could potentially be retraced to 1.3900 and 1.3750 as our second and third levels of support.
We will monitor the price movement of this pair and provide the necessary update accordingly.
Good trading
NinjaSingapore
27 Jan 2018
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
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