GBPUSD Weekly Technical Outlook: Bullish Trend Broken

GBPUSD Technical Highlights, Prices and Analysis

  • GBPUSD falls to a one-week low.
  • Bullish higher high sequence broken.

We have recently released our Q3 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD with our fundamental and medium-term term technical outlook.

Daily GBPUSD Chart Nears Moving Average Support

After a positive start to the week, helped by the move off the reverse head and shoulders pattern, Sterling dropped sharply Friday changing the technical landscape. The series of supportive higher highs have just been broken while today’s candle has just made a one-week low. The first levels of support now come from the 20- and 50-day moving averages at 1.30240 and 1.29527 respectively with the latter also in-line with the July 19 low print. The RSI indicator is pointing lower after falling out of overbought territory. Any upside movement is expected to be limited and capped below this week’s high around 1.3300.

GBPUSD Daily Price Chart (February – September 21, 2018)

GBPUSD Weekly Technical Outlook: Bullish Trend Broken

The four hour chart shows the extent of the damage caused over the last 24 hours. The solid uptrend from the September

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