GBP/USD

GBP/USD bounced off 1.2200 but now it's moving to the downside and it will likely test that level again. Whether or not it will break below that support before 2017 remains to be seen.
 
Dollar drops in the end of New Year in a weakened trade.
The British pound jumped by 0.25% to 1.2258 against the dollar, after falling to a two-month low 1.2201 the previous day.
 
Year 2017 is all about Brexit and will very likely keep Pound still under pressure, upside strength seems limited at 1.2390/80 zone.
 
csc2009 said:
Year 2017 is all about Brexit and will very likely keep Pound still under pressure, upside strength seems limited at 1.2390/80 zone.
Click to expand...

I'm also thinking to short after a bullish retracement. A spike to 1.14 showed some big put options on the pound are here. Brexit will certainly take its toll.:)
 
The pound recorded a second consecutive loss against the dollar on Tuesday. The British currency continued negative momentum and as a result, the pair managed to break through the first support at 1.2237. Meanwhile the pair tested the second key level at 1.2197 after hitting bottom for the day at 1.2199, but the breakthrough was postponed. Tuesday session started at a price of 1.2270 and the rate of closure was 1.2236.
 
The pound recovered ground against the dollar on Wednesday. The couple managed to get away from the support at 1.2197 and the breakthrough of the level was postponed. Short-term indicators remain in favor of the British currency. The session started at 1.2235, and the finale was put 88 pips higher. The trend was bullish, the highest value for the day was reached at 1.2352.
 
The pound recorded a powerful increase against the dollar on Thursday. So the couple continued the positive momentum from Wednesday, as two key levels at 1.2387 and 1.2425 were overcome. If the bullish trend remains high, resistance at 1.2507 will be tested soon. The session started at a price of 1.2323, while the pound gained 92 pips to finish. The maximum of the day was achieved at 1.2431.
 
The British pound fell against the dollar on Friday. By the close of US trading GBP/USD was trading at 1.2284, shedding 1.08%. I believe that the support is now located at the level of 1.2198, Tuesday's low, and resistance is likely at the level of 1.2436 - the maximum of Thursday.
 
With the Brexit fiasco and May's Brexit means Red White n Blue talk pound has given up 1.22.

I reckon we'll need to test 1.20s very soon.
 
For now the pair is bullish - a breakout above 1.2300 will likely lead to a further move to the upside towards the previous high at 1.2431.
 
Looking at GBPUSD from a technical analysis perspective, the pair remains biased towards the downside. However, weekly and daily Stochastic oscillator warn of a temporary bullish correction.

The leveled to be eyed as a possible resistance capping the up-move is 1.2300 – a combination of daily moving average and Fibonacci 123.6% retracement level.
 
The British Pound was up against the US Dollar on Friday. By the close of US trading GBP/USD was trading at 1.2174, gaining 0.12%. I believe that the support is now located at the level of 1.2036, Wednesday's low and resistance is likely at the level of 1.2318 - the maximum of Thursday.
 
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