What are the important levels and why as we move to a new trading week for GBPUSD?
This week’s price is pound dollar
GBP/USD
GBP/USD is a currency pair that includes the British Pound (symbol £, code GBP) and the United States Dollar (symbol $, code USD). This pair rate indicates how many US dollars are required to buy one British pound. For example, if GBP/USD trades at 1.5000, 1 pound equals 1.5 dollars. GBP/USD is the fourth most traded currency pair in the forex market and has ample liquidity.
GBP/USD is a currency pair that includes the British Pound (symbol £, code GBP) and the United States Dollar (symbol $, code USD). This pair rate indicates how many US dollars are required to buy one British pound. For example, if GBP/USD trades at 1.5000, 1 pound equals 1.5 dollars. GBP/USD is the fourth most traded currency pair in the forex market and has ample liquidity.
It surpassed the 61.8% drop from 2021 high to 2022 low. Its level is 1.2760, which is currently close to support and close to risk for buyers. Staying above gives the buyer more control over the daily chart. Moving below, the bias slopes down on moderate failures (becoming more neutral on failed breaks above 61.8%). A more conservative risk area for the bulls is between 1.2600 and 1.2680. This level is the volatility area on the daily chart and also the retrace of the rising trend from this week’s trade.
On the top, traders will look to 1.3000 as the next important target if there is further upside momentum.
For now, and this week, we’ve also seen some key breaks with buyers in firm control and traders expecting significant support going forward.