In the last week or so the GBPUSD has fallen sharply from a three month high above 1.28 back down below the key 1.25 level. In doing so, it has returned to a range where it has spent the best part of the last three months. In the prior three weeks the GBPUSD rallied from a six week low below 1.21 back up to the key 1.23 level where it has met resistance however on this occasion it was able to push higher. It surged higher to 1.25 before breaking through to around 1.2650 which has now resisted prices on several occasions in the last two months, before pushing through to the three month high.

 

In the last three weeks or so the GBPUSD has rallied from a six week low below 1.21 back up to the key 1.23 level where it has met resistance however on this occasion it was able to push higher. It surged higher to another key level in 1.25 before breaking through to around 1.2650 which has now resisted prices on several occasions in the last two months. It is likely to ease away from this level again however if it is able to break through, it will most likely be propped up by this level and head towards 1.30. In the last two months or so the GBPUSD has enjoyed two brief excursions above the 1.25 level to 1.2650, and the consolidation between 1.23 and 1.25 was much needed as the GBPUSD had been moving wildly back and forth in the few weeks before.

 

In the last week or so the GBPUSD has rallied from a six week low below 1.21 back up the key 1.23 level where it has met resistance and eased away again. This is significant because the 1.23 level has played a role on a few occasions propping the GBPUSD up allowing it to spend the best part of the month or so consolidating and trading in a narrow range mainly between 1.23 and 1.25. It is no surprise that 1.23 is now providing some resistance. In the last month or so the GBPUSD has enjoyed two brief excursions above the 1.25 level, and the consolidation between 1.23 and 1.25 was much needed as the GBPUSD had been moving wildly back and forth in the few weeks before.

 

In the last week the GBPUSD has reversed and surged higher back above 1.20 and to a one week high above 1.22, having spent the previous two weeks dropping dramatically down from above the key 1.30 level down to its lowest levels in 35 years below 1.15. The sterling was able to enjoy some short term support from the 1.25 level two weeks ago however that level also gave way with the GBPUSD collapsing. Some of these levels may now offer some resistance if and when the GBPUSD rallies higher.

 

In the last week the GBPUSD has dropped dramatically down to its lowest levels in 35 years below 1.15 after having dropped almost as sharply from above 1.30 down to a key level of 1.25. The sterling was able to enjoy some short term support from the 1.25 level a week ago however that level also gave way with the GBPUSD collapsing. Just prior to the dramatic falls, it had done well to rally back above another key level of 1.30 after applying pressure to this level, however for the most part of the previous four weeks, the sterling has remained below this key level.