GBP/USD: Cable Collects Support Above 1.3000

GBP/USD Talking Points:

– GBP/USD price action is consolidating so far this week after last week’s topside run topped-out around Fibonacci resistance. So far, bulls have been able to defend price action above the 1.3000 psychological level, giving us two support bounces at 1.3030 over the past two trading days. But – bulls haven’t been able to make much ground when approaching prior highs, leading to the possibility of a deeper retracement before the topside move might be ready to continue.

– Expect Brexit headlines to continue eliciting volatility on both sides of the British Pound, and this could continue to produce jagged moves on either side of the market.

– Quarterly Forecasts have just been updated, and the Q3 forecast for GBP/USD is available from the DailyFX Trading Guides Page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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Article source: https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2018/10/09/gbpusd-price-collects-at-cable-chart-support-outlook-forecast-srepstans.html