FX.co ★ Oldtaker | GBP/USD

News for trading Today, we have low-impact news only. The forex market is going to be calm today unless there is breaking news which of course will cause the market to move much. There won’t be enough volatility in the forex market today. To be on the safe side, it will be advisable to trade with caution. Make good use of money management skills while trading today and always. Take a look at the picture below for more information on the news available today.

GBPUSD ANALYSIS Yesterday, the GBPUSD pair traded in the higher areas and closed the day around 1.2700. Today, it has moved in the upward direction towards the 1.2705 price level. Taking a look at the hourly chart below, it is noticeable that GBPUSD is trading above the moving average line MA (200) H1 at 1.2640. We have a similar situation on the four-hour chart as GBPUSD is also trading below the moving average line MA (200) H4 for now. On this note, considering the facts above, traders are advised to look for a good buy entry point after the correction. The picture and chart below give better information on this analysis. Kindly take a look at it.

The resistance levels are 1.2720, 1.2780, and 1.2795. The support levels are 1.2675, 1.2625, and 1.2585. What to expect: we could see continuous rise in the price of GBPUSD towards the next resistance level at 1.2720. Alternatively, we could see a drop below the moving average line MA (200) H1 towards 1.2560. That is all for now. What do you think about this analysis? Kindly leave me your thoughts and contributions in the comments section below. Have a great day.