Home Forex Market Analysis Forex Signals GBP/USD Bounces off Upward Trendline Support – Quick Update on Signal

GBP/USD Bounces off Upward Trendline Support – Quick Update on Signal


The GBP/USD pair closed at 1.33222 after a high of 1.33975 and a low of 1.32636. The British Pound raised to its 10-weeks high level and then gave up some gains against the U.S. dollar in late trading sessions on the back of U.S. dollar strength. The rise in GBP/USD pair came in after the rising optimism over a Brexit deal after the European Commission reportedly told E.U. ambassadors that 95% of a post-Brexit deal had been agreed.

Daily Technical Levels

Support Resistance

1.3289 1.3312

1.3274 1.3320

1.3266 1.3336

Pivot point: 1.3297

The GBP/USD traded bearishly at 1.3290, but it now seems to bounce off over the support area of the 1.3292 level. On the higher side, the pair may go after the resistance level of 1.3394. Over there’s an upward trendline that is supporting Sterling on the 2-hour timeframe. Below the 1.3292 level, the Cable may find support at the 1.3240 level while the RSI and MACD are in support of buying. Thus we should consider taking buying trade over the 1.3292 level to target 1.3394. 

Entry Price – Buy 1.33583

Stop Loss – 1.33631

Take Profit – 1.33983

Risk to Reward – 1:1

Profit & Loss Per Standard Lot = -$400/ +$400

Profit & Loss Per Micro Lot = -$40/ +$40

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