26/07/2023
GBPUSD ANALYSIS
The currency ticker GBP/USD depicts the value of the British pound in respect to the US dollar. It advises traders of the amount of US dollars required to purchase one British pound. One of the oldest and most common currency combinations in the world is the pound-dollar. Follow the chart's real-time GBP/USD exchange rate to stay informed on news and commentary affecting the pound and the dollar. Use the GBP/USD prediction, pivot point data, support and resistance levels to plan your trades.
The GBPUSD is reliving the trendline bounce it had on June 30 that sent the pair to a 15-year high of 1.3141 following a small decline below the 20-day simple moving average (SMA).
Near the June short-term support trendline, the pair's most recent bear run came to an end, but once again, the technical signs do not assure a strong recovery. The MACD is still negatively charged below its red signal line, and the RSI has prolonged its downward trend near its neutral 50-point level. There is therefore no evidence that the bearish correction is complete, notwithstanding the stochastic oscillator's indication of overselling.
GBPUSD ANALYSIS
The 1.2935–1.3000 range, which contains two resistance lines and the 61.8% Fibonacci retracement of the 2021–2022 decline, must first be broken through for the bulls to succeed. The peak of 1.3140 from July could be reached with ease if this boundary is successfully penetrated. If it is, the uptrend may go higher, reaching 1.3300, a level last seen in March 2022. The possible ascending line from June is also located here.
Fears of a downward trend reversal might push the market as low as 1.2400 if sellers also claim the previous low of 1.2590. Even lower, the 200-day SMA and the 50% Fibonacci level of 1.2285 will come into focus.
