For years now. You may have noticed the price action of the GBPUSD struggle to break past certain levels. Level 1.33254, Level 1.26747 and level 1.19759 have all proved to be the reason for this. The weekly chart clearly shows how the GBPUSD ranges in between these levels since 2016.
March 10th 2020 is the only time we see price break past level 1.19759 .However, this break happens to be fake one and we see price pullback to level 1.26747 where it finds support. Now, with price trading at 1.24691 .The question at hand is simple. Because, we know that price will eventually reach either level 1.33254 or level 1.19759 .Will price break past these levels?
In order to have a proper understanding of where the market is headed in the long run. We take a look at the weekly chart. As shown in the chart we have set a long term bearish trendline. Our analyst at FXSits believe that the possibilities for price moving bearish could be high. However we don’t see price breaking past level 1.19759 as yet.
As the GBPUSD ranges ,these key levels serve as an important points that could be exploited by traders who trade ranging markets. For more information on where we think the trade could be headed next Join our smart plan.
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