As we turn the page to a new GBP/USD trading week, which key levels are at play and why?
This week, price 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 It moved above 61.8% of the move down from the 2021 high to the 2022 low. This level comes in at 1.2760 and is now close support and a near risk for buyers. Stay on top and the buyers are more in control of the daily chart. Move lower, and the bias is towards modest failure (more neutral on a failed breakout above 61.8%). The more conservative risk area for the bulls might lie between 1.2600 and 1.2680. This level is a swing zone on the daily chart and also a retracement of the upward directional movement from this week’s trading.
On the upside, more bullish momentum will have traders eyeing 1.3000 as the next most important target.
For the time being, and for this week, Jupiter is very much in control and also made some major breaches that traders will now be looking for as major support.
