GBP/USD Forecast: GBP/USD traded up on rumors that a Brexit deal is imminent and down on worries that it could all break up. What’s next? Apart from Brexit, the UK releases three top-tier figures. Here are the key events and an updated technical analysis for GBP/USD.
Technical Lines from Top to Bottom:
1. 1.3375 was a high point in July. It is followed by 1.3300 was the high point in September and also a psychologically important round number.
2. 1.3255 was the high point in mid-October, ahead of the EU Summit on Brexit. 1.3170 was a swing high in early November.
3. 1.3115 was a swing low in early October. The round number of 1.3000 is important after providing support to the pair in late September. 1.2920 was a low point in early October.
4. Further down, 1.2790 served as support late August and also beforehand. 1.2700 was the low point in late October.
5. The current 2018 trough at 1.2660 is the next level. 1.2590 was a swing low in September 2017.
6. Even lower, 1.25 is a round number and also worked as support in early 2017.