GBP/USD RISES BUT 1.3500 MARK STILL BEYOND REACH

GBP/USD RISES BUT 1.3500 MARK STILL BEYOND REACH

The weekly technical forecasts regarding GBP/USD suggests a surge in the pound sterling as there was a win for the conservatives in the elections of United Kingdom however the level of 1.3500 is still an obstacle.

The prices of GBP/USD have seen a major leap of 13% from the lows of year-to-date as the newly elected PM Boris Johnson has a clear path to steer the United Kingdom closer to his the delivering of Brexit with a majority of the conservatives in the parliament of Britain.

The Pound Sterling might be continuing its upward trend on the back of the clarity which has come in form of the Brexit after the elections in the United Kingdom however it seems unlikely that the level of 1.3500 price level is going to be breached.

In the last week, the British Pound had soared post the news that the MPs from the conservatives had been able to register convincing wins in the general elections and been able to achieve a majority in the parliament and this is expected to break the barriers and provide a clearer path to the Brexit taking place before the deadline of 31st of January 2020.

The level of 1.3500 is now appearing to be a level of clearer resistance that maybe keeping a lid on the upside from here onwards in British Pound. This level is underpinned roughly by the 61.8% of the spot trading range for GBP/USD since the printing of its high in the month of April in 2018.

The prices might be able to churn higher although there are indicators which also suggest that the mark of 1.35000 is slightly beyond reach in spite of the upward trends.

Theresa Crozier
Author Details
Sr. Content Writer At Energy Industry Reports

Theresa started her career in journalism and writing in 2015 as a copy editor. And now she heads the Oil & Gas domain at Energy Industry Reports. Earlier, she had been working for 3 years as a Content Writer and Editor. Theresa has pursued a Bachelor’s Degree in Oil & Gas Engineering. She is among the most hardworking and efficient team members. She, having the hunger for knowledge, has also completed several certification courses. Through her articles and reports, Theresa discusses the various technologies being used to extract oil & gas, news rules & rules in the industry, stocks & shares in the market, and much more.

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