FX.co ★ Mieke | GBP/USD

GBPUSD Price Movement Analysis: We are now evaluating the movement analysis of the price of the GBP/USD currency pair. The currency pair returned to the crucial resistance level at 1.33985 on Friday after failing to break through the support level at 1.33295. Attempts to overcome the opposition were probably made, but they failed. Though it is still unlikely, there was an effort to close above the crucial resistance level, suggesting a possible downward momentum towards 1.33215. Several efforts to breach the 1.33215 support level failed last week. In the meanwhile, the duo encountered unbroken opposition at 1.33985. The possibility of breaking 1.33215 is increased by the fresh effort, laying the groundwork for the following week. We expect the negative trend that began on Friday to continue on Monday, with a strong likelihood of breaking through this crucial support level at 1.33295. This would result in a drop to the second support level of 1.32115. Although the psychological barrier of 1.31495 presented a challenge, we continue to see 1.30905 as the primary aim, awaiting testing since the end of the previous year. However, in the next week, the support around 1.32115 will probably give way, opening the door to 1.30871, which may be followed by a reversal and upward momentum. The BOE's first meeting on Thursday will likely have a big influence on the pair's rate; thus, the following week is critical for the pound. A retreat towards the crucial barrier at 1.33995 would indicate a recurrence of the previous three weeks if the 1.33215 support level is unachievable. On the other hand, a breakthrough may result in growth, aiming for the critical barrier at 1.35015 and indicating a possible reversal later on.