The Big Levels to Watch in the Pound on Friday - Forex News by FX Leaders

The Big Levels to Watch in the Pound on Friday

Posted Friday, December 1, 2017 by
Rowan Crosby • 1 min read

The GBP has staged a remarkable rally over the last week and I think it’s been a little missed by forex watchers. Brexit developments have had a positive impact and we are now getting back to some of the more recent highs that we’ve seen.

With that in mind, I’m paying very close attention to 1.3600. I think that is the major resistance level to pay attention to. If we can hold, I feel that there is a fair bit more upside to come. The question is really which of the two currencies – USD or GBP – is the strongest. At the moment it appears the GBP is winning. Tax cuts might change that.

To the downside, there are a number of good support levels that I would consider buying. I like 1.3450 best a potential level to go long. Any pullback in that region would be tempting with the current momentum.

Below that 1.3300 is a very major level. However, if we were to pull back that far then I would suspect the USD has really taken back control.


GBP/USD – 240 min Chart.
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

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles

Leave a Reply

Notify of