Forex Trading: GBPUSD Technical Analysis – July 30, 2019

on Jul 30, 2019
Updated: Jul 6, 2024

The Great Britain Pound (GBP) moved down against the US Dollar (USD) on Tuesday, inched lower the price of GBPUSD to less than 1.2400. The price of the pair increased after major economic news released. The technical bias may remain bullish because the pair’s price marked a lower low in the recent downside move.

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GBP/USD Technical Analysis

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Currently, the currency pair is being traded around 1.2167, the price of the pair may encounter resistance around 1.2488, the 23.6% Fib level resistance. Another resistance level may come at 1.2657,  the horizontal level resistance ahead of 1.2933, the trendline resistance which is likely to act as a strong resistance preventing the price of the pair from increasing above this level as demonstrated in the given below chart.


On the downside, a support can be seen around 1.2076, the trendline support level ahead of 1.2000 the psychological number and then comes 1.1946, the major horizontal support which is likely to prevent the price from falling further as demonstrated in the given above chart. The technical bias shall remain bullish as long as 1.2488, the major horizontal resistance level remains intact.

USD Average Hourly Earning News

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In the United States, the figure concerning the labor’s earning on an average rate per hour remained 3.2% in March, as compared to 3.4% during the month before, down beating the economist expectation which was 3.4%. The data is sourced from the news released by the Department of Labor, United States.

The data takes into account after the number of people employed in the labor category over the given period of time. It is to be noted that the figure is derived on a sampling basis. It should not be deemed as an exact figure but it can be considered as an average. It indicates the cost of inflation rated as well as the strength of the labor market. Generally speaking, high reading in this regard is considered as a bullish trend for the US Dollar (USD) and vice-versa.

Trade Idea

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Considering the overall price behavior of the pair over the last couple of days, buying the GBPUSD around current levels can be a good decision in short to medium term. Therefore, sticking to economic calender only might not work, you also need to find brokers offering exceptional leverage level so you may find some margin while trading your pair around. However, take note that high leverage can also lead you to severe losses if there no negative balance protection is in place.

Trading Forex does have its risks but with proper risk management and a consistent strategy that uses a form of analysis, be it technical, fundamental or sentimental, you can be hugely profitable. It is worth noting that trading, of course, has its pros and cons, we’ve highlighted those to make sure you’re aware of the key mistakes beginners often make.

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