With the airwaves full of Brexit news, what technical levels do we need to watch
The pound is always suffering ups and downs but there's been more downs than ups of late.
The 1.2130/34 level in GBPUSD has been an important support level of late and today's breach could be equally important if we hold below it. At the moment it's back as support after the early dip to 1.2110.
GBPUSD H4 chart
That's only a short-term level though and the bigger one is just under at 1.2085/90 (big level 1)
GBPUSD H4 chart
Break below there and we may have a brief stop at 1.2050 before 1.2000 but big level 2 is at the Sep 2016 and Jan 2017 lows.
Level 3 is at 1.1943 and it's a level that the price has struggled to get and hold under meaningfully. Level 3.5 is at 1.1880 being that last low before pushing up toward s1.30
GBPUSD monthly chart
We're very close to these big technical levels so if you want to take a longer-term trading view of the pound, these are the ones to watch for both shorts and longs. If we break under 1.1880, then things could get very interesting.
