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      Can the pound hold at 1.3500?

      Winkelmann

      Forex

      Central Bank

      Summary:

      The pound's fundamentals have not improved, and short-term profit-taking has temporarily halted the upward trend; a pullback should be anticipated.

      Sell

      GBPUSD

      EXP
      Trading

      1.35015

      Entry Price

      1.34400

      TP

      1.35700

      SL

      1.35053 -0.00016 -0.01%

      0

      Point

      Flat

      1.34400

      TP

      CLOSING

      1.35015

      Entry Price

      1.35700

      SL

      Fundamentals

      Recently, the pound rose to 1.35 against the dollar, mainly due to the dollar's decline caused by unexpectedly weak non-farm payroll data. The Bank of England's decision to keep interest rates unchanged by a 6-3 vote and the governor's cautious wording also failed to boost the pound.
      This week's UK GDP data will be a short-term test, as the market expects a slowdown in UK economic growth, which may put pressure on the pound in the short term.

      Technical aspects

      Can the pound hold at 1.3500? _1
      Looking at the 4-hour chart, GBPUSD is currently near a key resistance level of 1.35. The short-term upward momentum is stalled, and the bulls are facing some pressure. A pullback is possible. In the short term, we should continue to pay attention to whether the price can break through the 1.35 level. The nearest support level is around 1.3435.
      In terms of trading strategy, you can try shorting near the price of 1.35 to bet on a pullback, with a target of around 1.3435 and a stop loss above 1.356.

      Trading advice

      Trading direction: Short
      Entry price: 1.3500
      Target price: 1.3440
      Stop-loss level: 1.3570
      Downside support levels: 1.3435/1.3400
      Upward resistance levels: 1.3540/1.3600
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

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