Recently we can witness a change in the perception of traders towards GBP. The trading pairs of GBP has just gained the spotlight. After all it is the most widely traded pair of currencies. Current trends in trading support this pair. No doubt, Pound is about to enjoy the state of rock n roll. The worth of GBP/USD is going to reach and meet its annual highest value. But for that the current pace and psychological support remains the same. The key resistance level is about to breach. But the story does not end here. The recent state of this trading pair suggests and predicts a pullback.
Trading pairs of GBP:
In the last month, the chief negotiator of EU news of delayed talks as one of the members of the team became a patient of pandemic. But now the situation is changed. Thus the traders are all geared up for any news. The prospect looks stable and profitable for GBP. A prominent spike up in its value is round the corner. After all, slow and steady wins the race. Profit is all what matters in trading.
The current state is disturbing the buyers. Buyers are trying to cope with it. However the confluent resistance seems to hamper the smooth flow of trading. They are finding it hard to deal with this hurdle of trading. However the recent state exposes the fact that the value of least resistance will become lower.
Impulsive downside drag may be witnessed in the end of December in case of this trading pair of GBP. This pair is already struggling with losses. The rocky path of losses has not yet ended here. The future prospect for this pair does not even soothe the traders. The current state of Forex market indicates losses in the near future as well.