Forex Trading: GBPUSD Technical Analysis – Febuary 28, 2020

It’s the trading week’s third day, the British pound consistently dropping its price against the US dollar. Although it still stabilizes its price, it certainly generates the fear that with the levels of resistance just above the price and the major news of the coming month, the might it pushes back the price to the further down. As far as the technical bias is considered then it might remain bearish for a while because the last downside move printed the lower low wave on the graph.

GBP/USD: Technical Analysis

Today, the GBPUSD asked at the price of 1.2869. With the assistance of these instant support levels, the price has the confidence that it might push itself toward the upward level soon and hence overcomes all the hurdles that come in its path. At 1.2852, it is backed by the instant major horizontal support, ahead of the trendline support at 1.2833, then the 61.8% Fib level support backed the price at 1.2688.

GBPUSD

The first pressure on the price is the combination of two trendlines at 1.2886 quite soon, ahead of another combination of 38.2 percent Fib level and trendline resistance at 1.3008, and then the main horizontal resistance will hit the price at 1.3199.

GfK Consumer Confidence Group

The GfK Consumer Confidence Group is a leading index that measures the level of consumer confidence in economic activity and has increased its index by 2 points today. High consumer trust stimulates economic expansion while low-level cause an economic downturn. A high reading is usually positive for GBP.

Trade Idea

Meanwhile, from the last three days, the GBPUSD is declining, but it still has a tendency to lift quickly, so investors may recommend it for business purposes.

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