Analysis

GBP/USD - What next?

July 04, 2018

​From a technical perspective, a sustained move beyond the 1.3215-20 immediate supply zone is likely to trigger a short-covering move and assist the pair to aim back towards reclaiming the 1.3300 handle. A follow-through buying has the potential to accelerate the up-move further towards testing an important resistance marked by a short-term descending trend-channel formation on the 4-hourly chart, currently near the 1.3340-45 region.

On the flip side, the 1.3160-55 region now seems to protect the immediate downside, which if broken could accelerate the fall towards the 1.3100 handle. A convincing break through the mentioned support might negate prospects for any further recovery and turn the pair vulnerable to slide back towards retesting YTD lows support near mid-1.3000s before eventually dropping to test the trend-channel support near the 1.3025 area.

about? What makes it interesting? 

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