British Pound Price Outlook:
- GBP/USD[1] is back up to the big figure at 1.3000, re-testing the level after this price came back into play six weeks ago[2].
- This bullish move in Cable comes along with a bearish move in the US Dollar[3]. But, with DXY sitting at what could be a big support level, will Cable bulls have the room to run higher with a breakout, taking out six-month-highs at the 1.3011 level.
- DailyFX Forecasts are published on a variety of markets such as Gold[4], the US Dollar[5] or the Euro[6] and are available from the DailyFX Trading Guides page[7]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[8]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[9].
GBP/USD Back to 1.3000
British Pound[10] bulls are back at work today helping to push GBP/USD[11] up for another re-test of the vaulted 1.3000 area on the chart. A similar test in late-October fell flat[12] as buyers dried up beyond the psychological level and this led into approximately six weeks of range-bound behavior. But, as looked at multiple times throughout this period[13], that range presented the interesting scenario of being able to approach mean reversion with a prior trend-side bias, and support has filled-in from zones around 1.2820 and 1.2900 over the past few weeks.
But now that price action[14] is back to the big figure, the big question is whether bulls can break through?
GBP/USD Four-Hour Price Chart
