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GBP/USD At Crucial Price Level, Where Is The Pair Headed For?

GBP/USD At Crucial Price Level, Where Is The Pair Headed For?

Recently, trading the Forex market was not easy and traders who were looking for sustained price breakouts or profitable day trends were disappointed. Both of our major currency pairs traded range-bound and consolidated between important price levels. The current lack of direction and the resulting messy price action make it difficult for traders to benefit from daily price swings, even though there may be a higher degree of volatility.

GBP/USD Prices narrowed between 1.33 and 1.3140 and how the cable will trade within the next two days could be of vital importance for the directional bias. The big question now is, whether the secondary downward channel proves to be intact, or whether prices are still aligned to the primary upward channel. The downward channel marks a current resistance at 1.3260/70 and if the pound breaks significantly above that barrier, the recent downtrend channel would become invalid. If 1.3260, however, holds the focus would shift to the support at 1.3120.

GBP/USD Daily Chart

In a bullish scenario, we focus on higher prices above 1.31 but most importantly, a sustained break above 1.3350. As long as prices remain above 1.31, the pound could resume its uptrend.

EUR/USD The euro traded consolidated between 1.1820 and 1.1730. After the support area between 1.1730 and 1.17 has proved correct, the euro could be primed for a test of 1.1850 now. As long as the pair fluctuates sideways between 1.1860 and 1.17, a directional theme is unavailable. The bias could shift from neutral to bullish as soon as the euro breaks above 1.19, whereas on the downside, euro bears still wait for a sustained break below 1.17.

EUR/USD 4-Hour Chart

Here are our daily signal alerts:

EUR/USD Long at 1.1825 SL 25 TP 20, 40 Short at 1.1780 SL 25 TP 15, 35 GBP/USD Long at 1.3235 SL 25 TP 20, 60 Short at 1.3180 SL 25 TP 20, 70

We wish you good trades and many pips! Disclaimer: Any and all liability of the author is excluded.

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