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Home Technical Analysis

Pound Technical Analysis: GBP/USD Maintaining Bullish Structure

Forex Tips by Forex Tips
October 23, 2020
in Technical Analysis
0
GBP/USD Confirms Q1 Bottom, However, Upside Challenges Remain
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GBP/USD Technical Outlook: Bullish

  • Upward sloping channel keeps outlook neutral to bullish
  • It will require a breakdown out of the channel to flip the bias lower

Cable channel keeps it pointed higher

GBP/USD experienced some nice strength next week, and on that it kept forging the bullish channel building over the past month. As long as it stays within its confines then the outlook will be neutral at worst, with more upside expected.

Within the top and bottom-side thresholds of the channel lies a parallel that has seen much play over the past month. It currently lies right around 13035, but moving higher of course. If price can stay above this line it will keep Cable in the middle to upper portion of the channel, which is considered its most bullish posturing.

If, however, we see the bottom of the channel brought into play, it doesn’t mean things are necessarily souring, but in fact could present a potentially good risk/reward opportunity for would-be longs to establish a position with a tight stop.

If we do see strength continue, and even accelerate, the mid-13300s up to 13500 will be a big area of resistance. In that vicinity lies a big horizontal level and a trend-line from 2007. Indeed a big macro spot to pay attention.

On the flip-side, should the lower parallel break, then a neutral to bearish outlook may be warranted. The first level of support to watch comes in around the 12860 area, with an even larger drop towards the September low under 12700 being the risk.

GBP Forecast

GBP Forecast

Recommended by Paul Robinson

Check out the Q4 GBP Forecast

GBP/USD 4-hr Chart (channel keeps things neutral/bullish for now)

British Pound Price Chart

GBP/USD Weekly Chart (mid-13300s/13500 is big resistance)

GBPUSD Weekly Price Chart

GBP/USD Charts by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX





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