Pound Sterling (GBP/USD) Technical Price Trend: Neutral
- Sterling Technical Trade Level Updates – Weekly Charts
- GBP/USD Breakout enters a key technical confluence at the 52-week moving average.
- Weekly Resistance 1.3746 (Major), 1.3835 – Support 1.3567, 1.3494-1.3529 (key)
The British pound is now up more than 4.3% from its lowest level in December 2021 compared to US dollar With GBP/USD expanding into confluence of technical resistance on Thursday. Progress could be vulnerable here in the coming days. And we will be looking for support next week to investigate this potential price breakout. This is the updated target and the invalidation level that matters to GBP/.dollar weekly chart review my latest Strategy webinars For an in-depth description of this sterling technique settings and more
Sterling Price Chart – GBP/USD Weekly
Chart provided by Michael Boutros, technical strategist; GBP/USD on Tradingview
note:in my last Sterling Technical Forecasts We note that GBP/USD is approaching weekly resistance at “The upper parallel of the downtrend scoop We have tracked the 2021 / 2017 swing high peak at 1.3658– A weekly break/close above this threshold is required to maintain an immediate rally with the scenario revealing confluence of resistance around the 52-week moving average approaching ~1.3750Yesterday’s topside abuse hit today’s record high of 1.3749 – is it time to get tired?
The focus is on the possible close-up volatility here. There are immediate vulnerabilities below. Weekly support Stay fit with the 2017 highweek closing / 2022 annual opening at 1.3494-1.3529 – Weekly closes below this threshold suggest that this could be a bigger disruption. and will shift focus to a new start for a broad downtrend, crack above/close above this key. resistance Limits are needed to detect larger reversals with the scenario revealing a 61.8% Fibonacci retracement of the May decline. 1.3835 and during the high week of 2018 at 1.3997 – Both areas of interest for possible top exhaustion IF to
For complete details of Michael’s trading strategy, please review his . Fundamentals of the Technical Analysis Series on BI am using a Durading Splot
Bottom line:The pound expands into converging resistance. And while this breakout threatens a massive offensive. Immediate rallies can be risky while below 1.3746- see weekly close. from a trading standpoint A good zone to reduce long exposure/increase stop protection – losses should be limited to the February lows at 1.3567 IF prices are currently skyrocketing, I will publish an updated Sterling Price Outlook as we gain further clarity on the GBP/USD technical trade levels in the short term.
Sterling Trader Sentiment – GBP/USD Price Chart
- summary of IG customer sentiment Shows traders are net-short GBP/USD – the ratio is -1.59 (38.54% of long traders) – generally. bullish reading
- long position is 1.52% higher than yesterday and 13.57% lower than last week.
- short position is4.63% more than yesterday and up 37.73% from last week.
- in general We will take the opposite view of the confidence of the crowd. And the fact that traders are net short indicates that the GBP/USD price may continue to rise. Traders are shorter than yesterday and last week. And the combination of the current position and recent changes gives us the opposite of trading bias. GBP/USD-bullish stronger from feeling standpoint
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UK/US Economic Calendar
economic calendar – Recent economic developments and the risks of upcoming events
previous week technical chart
— written by Michael Boutros, Financial Strategist with DailyFX
follow Michael on twitter @MBForex
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