FxPro Forex Analysis: GBPUSD

The GBPUSD pair is continuing its decent lower and has reached a low of 1.30664 today just above support at 1.30586. The next level of support is 1.30000 which is a big psychological level for traders that will see buyers emerge t defend the level. The likelihood of sellers taking profit in this area also exists and can see the price bounce from the channel bottom back towards 1.32000. The GBPUSD was weal yesterday despite trade headlines with the down trend being maintained.

Resistance can be seen at 1.32246 and the channel top at 1.33745 with a break above this area giving long traders confidence of a move to test 1.34594. A above this level the moving averages come into play with the 50 DMA at 1.34412 and the 200 DMA at 1.35228 followed by the 100 DMA at 1.35630. From here the next level of resistance is 1.36135 followed by 1.37117 which is the February low.