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26 Jul 2018

GBP/USD Technical Analysis: Make or Break situation - Trading near

  • GBP/USD is trading higher for the sixth consecutive day. It is currently trading near the daily low at around 1.3190. 
  • GBP/USD broke above a daily trendline suggesting that a sustained breakout above 1.3200 could mean the end of the main bear trend. It could lead to a bear capitulation and an acceleration of the current bull leg. On the other hand, failure to conclusively breakout above 1.3200 should lead to sideways trading at best and a resumption of the bear trend at worst. 
  • The major hurdles to overcome for bulls are the 1.3200, 1.3230 and 1.3250 levels. Cable bulls have currently the short-term trend on their side but they will have to prove their strength in taking over the 1.3200 level.

GBP/USD 15-minute chart

Spot rate:               1.3185
Relative change:    -0.04%     
High:                      1.3214
Low:                       1.3171

Trend:                    Bearish / Risk of bullish reversal above 1.3200

Resistance 1:        1.3200 figure
Resistance 2:        1.3230 supply level
Resistance 3:        1.3250 June 4 high 

Support 1:             1.3155 former breakout point
Support 2:             1.3100 figure 
Support 3:             1.3049 June 28 low
Support 4:             1.3010 July 18 low
Support 5:             1.2957 current 2018 low
Support 6:             1.2908 September 5, 2017 low 

Jul 26, 2018

US: International trade deficit was $68.3 bln in June, up $3.6 billion from $64.8 billion in May

"The international trade deficit was $68.3 billion in June, up $3.6 billion from $64.8 billion in May," the U.S. Census Bureau announced on Thursday.
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Jul 26, 2018

Draghi speech: Uncertainty around inflation outlook is receding

Mario Draghi, President of the ECB, is delivering his remarks on the bank's monetary policy decision in a press conference with key quotes found below
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