GBPUSD Monthly Resistance Level
The GBPUSD pair advances this Tuesday, fueled by broad dollar’s weakness, with the pair reaching so far 1.3255. Data coming from the UK showed that construction output fell by less-than-expected in July, down to 45.9 from June’s 46.0. New orders, fell at a slower pace than in the previous month, when they reach an over three year low. The pair continues trading range bound ahead of the upcoming BOE’s meeting this Thursday, with the technical outlook still being neutral, contained by 1.3320, the 23.6% retracement of the post-Brexit slump, and with buying interest surging on slides towards the 1.3000 figure (GBPUSD Technical Analysis Today).
GBPUSD Daily Chart Fibonacci
The ongoing bullish momentum behind the GBP gained further traction following the release of above estimates UK construction PMI report, now driving GBPUSD towards the mid-point of 1.32 handle. The pair has an immediate resistance at 1.3276 (Aug 1 high), above which 1.3305 (Jul 29 high) would be tested. On the flip side, support is seen at 1.3176/71 (daily low/ 20-DMA) below that at 1.3150 (psychological levels).
GBPUSD Technical Analysis Today
The GBPUSD pair initially tried to rally during the course of the session on Monday, but then fell enough to form a shooting star. The shooting star of course is a negative sign, but at the end of the day I feel that we are still consolidating overall. The 1.30 level below is obviously supportive, and the 1.35 level above is massively resistive. I think that every time we rally, it’s going to be an opportunity to sell this market as we exhaust any short-term rallies.
GBPUSD Technical Analysis Long
After clinching daily highs near 1.3240, the pair has given away some pips and is now returning to the 1.3220/15 band after UK’s Construction PMI has surprised markets to the upside during July, coming in at 45.9 vs. 43.8 forecasted. In the meantime, the selling bias persists around the greenback, allowing the ongoing rebound in the risk-associated space ahead of US PCE and Personal Income/Spending due later in the NA session.
GBPUSD Short Bearish
The GBPUSD pair bounced slightly during the course of the day on Monday, using the 1.3169 level as support. At this point in time, the market is looking bearish . The primary trend of GBPUSD0.00%% is bearish on charts and price is trading below its support trend line in its hourly chart. In its daily chart the price is sustaining below 50 day SMA that are appears on the above image indicating downtrend of the pair. Resistance level 1.3262 Support level 1.3169 If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair. INDICATORS:- MACD is sustaining in its negative territory indicating the bearish trend in the pair. RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair. STRATEGY: GBPUSD is looking bearish on charts (GBPUSD Technical Analysis Today).
This pair is becoming compressed. It has broken an inner supportive trend line, which was a bearish sign, but it continues to make new highs, albeit in small steps, as well as new major lows. A look at a higher time frame chart such as the daily shows that volatility is decreasing and the price may be settling into a more defined consolidation area. However it is exactly at times such as these that we need to be aware of the potential for breakout.