GBPUSD finds support on fixing dollar strength: Key levels to monitor in channel trend

The GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term experienced a decline as the dollar strengthened during the London fix, with the lowest price reaching 1.23437. This level aligns with the lower boundary of a swing area between 1.2343 and 1.23603. Subsequently, the GBPUSD rebounded from this support level, now trading at 1.2365.

The support holding at 1.2343 to 1.23603 indicates its increasing significance for future price movements. Should the price fall below this level, an upward-sloping channel trendline at 1.2333 and the 38.2% retracement of the rise from the March 24 low would come into focus. Move below and selling should intensified

On the top side today, the highest price today tested the upper boundary of the channel trendline, and encountered selling pressure.

Although the overall trend this week has been upward, the GBPUSD pair has exhibited fluctuations within the channel, making these key levels essential to monitor for potential shifts in price direction going forward and into next week.