Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

by FXOpen on December 28th, 2018

GBP/USD fluctuates in a narrow band near the 1.27 mark

The British pound reflects today’s general price behavior of currencies and is trading in a range close to recent highs. The US dollar is weakening against all major currencies under the influence of a whole number of negative factors. It is unlikely that the key resistance level of 1.27 will be broken through in the festive market. Due to the lack of economic data and Brexit news, this pair has very weak volatility during today’s trading session. UK companies and UK FX brokers are closed due to the celebration of Boxing Day, which actually limits any chance of growth, leaving the pair to continue to decline in price.

GBPUSD-Chart (5)

The British Pound consolidated in a range for some time above the 1.2610 level against the US Dollar. Later, the GBP/USD pair started an upward move and broke the 1.2680 resistance to enter a bullish zone.

There was even a close above the 1.2700 resistance and the 50 hourly simple moving average. The pair traded as high as 1.2738 and later corrected lower. It tested the 61.8% fib retracement level of the last wave from the 1.2634 low to 1.2738 high.

However, losses were protected and the pair found support near the 1.2670 level and a bullish trend line on the hourly chart. The pair is now moving higher and it seems like it could break the 1.2730 and 1.2740 resistance levels.

On the downside, initial support is near the 1.2680 level, below which the pair could test 1.2650.

By FXOpen

FXOpen is a Forex and Cryptocurrency broker founded in 2005 by a group of traders. With over 10 years of experience, the company has established itself as a major Forex broker that continues to expand rapidly across the globe. FXOpen offers the MT4 and MT5 Forex trading platform with a wide range of trading instruments including 100+ FX, CFDs, Indices and Cryptocurrency markets. FXOpen also provides its own PAMM technology allowing clients to benefit from the strategies of professional traders with a proven track record of successful trading. The FXOpen Group also includes the ASIC regulated FXOpen AU in Perth Australia and the London-based FXOpen UK that is regulated by the FCA.

More content by FXOpen

Comments (0 comment(s))