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GBPUSD swings up and down between 100 hourly MA and 50% midpoint


GBPUSD battle is underway between support and resistance targets

the GBPUSD

GBP/USD

The GBP/USD is the currency pair comprising the currency of the United Kingdom, the British pound sterling (symbol £, code GBP) and the dollar of the United States of America (symbol $, code USD). The pair rate indicates how many US dollars are needed to buy one British pound. For example, when GBP/USD is trading at 1.5000, it means that 1 pound equals 1.5 dollars. GBP/USD is the fourth most traded currency pair in the forex market, giving it abundant liquidity and a low spread. While currency pair spreads vary from broker to broker, generally speaking, GBP/USD often stays within the 1 pip to 3 pip spread range, making it a good candidate for scalping. GBP/USD, also known as the “cable” (due to the transatlantic cables used to telegraph its exchange rate in the 19th century) has a positive correlation with EUR/USD and a negative correlation with EUR/USD. ‘USD/CHF. Trading GBP/USD While many traders and even brokers will argue that the best time to trade GBP/USD is during its busiest hours in London and New York, this can be a double edged sword due to the unpredictability of the couple. Its volatility also fluctuates often, and so what might be a profitable strategy one month, may not be as productive the following months. Additionally, purely technical traders can really struggle to be consistent with this pair (i.e. ignoring the fundamentals), due to the unique political nature of the UK. The recent drama surrounding Brexit has added another layer of uncertainty to this currency pair. With a soft resolution not expected in the foreseeable future, it is clear that GBP/USD will be influenced by any development and trading with the European Union.

The GBP/USD is the currency pair comprising the currency of the United Kingdom, the British pound sterling (symbol £, code GBP) and the dollar of the United States of America (symbol $, code USD). The pair rate indicates how many US dollars are needed to buy one British pound. For example, when GBP/USD is trading at 1.5000, it means that 1 pound equals 1.5 dollars. GBP/USD is the fourth most traded currency pair in the forex market, giving it abundant liquidity and a low spread. While currency pair spreads vary from broker to broker, generally speaking, GBP/USD often stays within the 1 pip to 3 pip spread range, making it a good candidate for scalping. GBP/USD, also known as the “cable” (due to the transatlantic cables used to telegraph its exchange rate in the 19th century) has a positive correlation with EUR/USD and a negative correlation with EUR/USD. ‘USD/CHF. Trading GBP/USD While many traders and even brokers will argue that the best time to trade GBP/USD is during its busiest hours in London and New York, this can be a double edged sword due to the unpredictability of the couple. Its volatility also fluctuates often, and so what might be a profitable strategy one month, may not be as productive the following months. Additionally, purely technical traders can really struggle to be consistent with this pair (i.e. ignoring the fundamentals), due to the unique political nature of the UK. The recent drama surrounding Brexit has added another layer of uncertainty to this currency pair. With a soft resolution not expected in the foreseeable future, it is clear that GBP/USD will be influenced by any development and trading with the European Union.
Read this term went back and forth in trade today.

On the upside, the pair found sellers against the 50% midpoint of the decline from the April 21 high. This retracement level comes in at 1.2622. The highest price reached 1.2620 – just below this target (there is a swing zone from 1.2600 to 1.2622).

On the downside, support buyers moved ahead of the rising 100 hourly moving average. This level comes in at 1.2544. US session low price just hit 1.2552. Recall that yesterday the price fell below the 100 hourly moving average, but then came back above it in the US session and remained above the risk defining level. This gave bulls the green light to meet upside targets today.

From a broader perspective, since hitting the cycle low at 1.21543 on May 12, the price has risen 7 out of the last 9 trading days. The current price is trading virtually unchanged. In the medium term, the bulls are gaining above the 100 hourly moving average, but with resistance holding at the 50% midpoint, there is more to prove.

So… the battle lines have been drawn by GBPUSD buyers and sellers. Ultimately, these battle lines will help crown the winner. For now, however, with prices trading near the midpoint of the levels, short-term intraday biases were neutral as the battle raged on.


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