FOREX Chart Of The Day: GBPUSD To Trade To 1.2650

The GBPUSD price could rally higher in line with the current trend. Could this see the price retest the key 1.2650 level? 

Watch the video to learn more…

GBPUSD Analysis

The GBPUSD price could be heading to the major 1.2650 level this week as the trend continues to move higher. The USD Index is finding resistance and the USD has begun to weaken in the short term which has helped boost the price of GBPUSD. 

The price is forming an upward trend by making higher highs and higher lows, the price is looking likely to head higher with the weekly volume profile showing a pocket of low volume at the major 1.2650 zone. This could see the price reject this level or pass through it very quickly offering further long ideas. The price this week has already found support at last week’s point of control area and is entering an impulsive phase. Now the price is in this phase we can look for long ideas on a retracement phase on the lower time frame. If the price can retest the minor demand zone we can look for long opportunities.

Did you see our recent AUDUSD analysis video? You can watch it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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