In an early video on GBP/USD
GBP/USD
The GBP/USD is the currency pair that includes the currency of the United Kingdom, the pound sterling (symbol £, symbol GBP), and the US dollar (symbol $, symbol USD). The price of the pair indicates how many US dollars are needed to buy one British pound. For example, when GBP/USD is trading at 1.5000, this means that 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair in the forex market, which gives it ample liquidity.
The GBP/USD is the currency pair that includes the currency of the United Kingdom, the pound sterling (symbol £, symbol GBP), and the US dollar (symbol $, symbol USD). The price of the pair indicates how many US dollars are needed to buy one British pound. For example, when GBP/USD is trading at 1.5000, this means that 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair in the forex market, which gives it ample liquidity.
Read this term, I spoke to the next target for the upcoming pair at the key midpoint of 50%. More specifically, I wrote:
“On the downside, the next major target comes in against the 50% midpoint at 1.28658 (see chart below). The level also corresponds to a modest swing zone back on July 10th and July 11th.”
This level has already been reached and true for the technologies, the buyers bowed. The pound sterling rose against the US dollar.
What now?
The price moved earlier today below the 38.2% retracement at 1.29309 and the old lower channel trend line. This line held resistance of the day and will be a target near 1.2921 before 38.2%.
If the sellers today maintain firm control, staying below those levels is the best case scenario. Move higher, and we could see more upside hunting in selling disappointment below those technical breakouts.
note. Buyers will also be 50% more comfortable.
You can watch the previous video here.
GBPUSD tests 50% and rebounds
