British Pound Temporary GBP/USD Technical Outlook Breathable Bristles

Technical Price Outlook for the British Pound: GBP/USD Short-Term Trade Levels

Daily and intraday charts: Update on the technical trade level for sterling

Risk for a challenge of the yearly downtrend resistance as GBP/USD sets weekly and monthly ranges below the crucial pivot zone.

Weekly opposition Key, 1.1630/50, and 1.1843 - Support 1.1120/60, 1.0923, 1.0679

In recent weeks, a crucial pivot zone that marks the beginning of the monthly range has been the top of the British pound's rise versus the US dollar. The prospects for the rebound from record lows are uncertain. On the technical charts for the GBP/USD, these are the latest goals and invalidation levels that are significant. For a detailed analysis of this Sterling setup and other topics, see my most recent Strategy Webinar.

BRITISH POUND PRICE CHART - GBP/USD DAILY

Technical Outlook: Of the 2020 / 1984 lows at 1.1414/80, the British pound is trading slightly below a pivotal resistance level I've been noting for months. The focus is on a breakout here for direction, with the broader outlook still weighted to the downside while below 1.1630/50—a region defined by the February trendline (red), the 61.8% extension of the September advance, and the 2020 low-day close. The October opening range has been carved out just below. BRITISH POUND PRICE CHART - GBP/USD 240MIN