GBPUSD Price Analysis: Daily Outlook

Daily and hourly analysis. Identify support for uptrend to continue

GBPUSD Price Analysis: Daily Outlook


The last two daily candles have been high test bars suggesting that this markets momentum is temporally slowing down.

We have broken above the resistance at 1.3116, a retest of this level would act as a good support level before seeing a rally up to the next resistance level at 1.3441, which was last seen back in September 2016.

Should we see this market break below the 1.31 level, the next support will be the round number of 1.30 and then 1.2932.

The hourly chart is giving off mixed signals. It looks as if the MACD is just about to cross to give a buy signal however it is also showing divergence suggesting we may see some consolidation period.

Should the inner trend line and 1.32 level hold then we may just see the bulls continue. Preferred level to buy is the 1.3116 handle however.

As of 09:05 BST, Thursday, 03 August, GBP/USD share price is 1.3117.

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