Support & Resistance Levels For GBP/USD - Forex News by FX Leaders

Support & Resistance Levels For GBP/USD

Posted Tuesday, August 8, 2017 by
Skerdian Meta • 2 min read

Since we´re planning to trade GBP/USD, let's look at this pair´s support and resistance levels to see where to open a forex trade. In the previous forex update, we mentioned that we´re planning to open a sell forex signal either at the 50 SMA or the 200 SMA on the daily chart.

Let´s see if there are resistance levels coming at the same levels as the moving averages, in order to strengthen their position.

EUR/USD

Resistance  Support

1 – 1.3050-60 (Medium – Yesterday´s high)            1 – 1.3020-30 (Mild – buffer zone for 1.30, top)

2 – 1.30.80 (Medium – 200 SMA on H1 chart)          2 – 1.30 (Strong – No need to explain)

3 – 1.3100 (Strong – Big round number)                  3 – 1.2970-80 (Medium – Buffer zone for 1.30, bottom)

5 – 1.3120-30 (Strong – 50 SMA on H4 chart)         4 – 1.2950 (MediumPrevious resistance)

These are the sell levels, but I doubt we´ll see anything above the first line today

The 1.3050-60 level is the first resistance at the same level as the 50 SMA on the H1 GBP/USD chart. That area normally becomes a sell level, but the price has slipped to 1.3030s now.

Looks like GBP/USD is feeling quite bearish at the moment. All other major currencies are gaining against the USD, while GBP/USD has given back 20 pips. Our bearish bias towards this forex pair remains, although don’t forget that the market is extremely quiet and the ranges are pretty tight.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of