Daily Price Action

(Video) GBPUSD: Next Leg Higher to Materialize Above 1.2980


Is the GBPUSD ready for the next leg higher?

If so, how high could the pair go?

Watch the video below to find out what I think.

Be sure to also scroll down for more commentary and an annotated chart.

The GBPUSD may finally be ready for the next leg higher.

I’ve discussed the consolidation between 1.2770 and 1.2980 for several weeks now.

However, today’s high isn’t what matters, at least not to me.

We’ve seen the GBPUSD rally above 1.2980 intraday before, including several times in October.

Every attempt has failed in that buyers were unable to break the resistance area on a daily closing basis.

The “daily closing basis” refers to the New York 5 pm EST close.

So until GBPUSD closes above 1.2980, the pair is vulnerable.

That said, the price action since November is starting to look constructive.

Repeated retests of a key area like this are often a sign of an imminent break higher. That’s especially true when you consider the October rally.

We saw the same thing happen recently with NZDUSD below that 0.6430/40 area.

A daily close above 1.2980 would expose 1.3170.

Alternatively, a close back below 1.2980 would keep the area intact as resistance a while longer.

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GBPUSD possible break above 1.2980 resistance

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Justin Bennett says

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IDOGEI Emmanuel says

Thank you my mentor for the guidance.

ali says

Can you please go over nzdusd is it getting ready to go higher , thanks for your analysis sir justin.

Tayo Banjoko says

you have done well

Yusuf Kazeem says

Your analysis has really awesome

Vegeta says

Hi Justin,

GPBUSD closed above that resistance, then it instantly retested it the next day[today]..
Would that mean any new retest from now on of that resistance turned support, its too late because it already touched 1.29820 already today, so thats already been ‘retested’ and you would not go buy if it went back to retest it tomorrow?

Samuel says

Thank you sir for this analysis.

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