GBP/USD Needs A Bullish Spark To Get Moving

GBP/USD poised for more gains

Price posted little gains today and stays below the 1.3057 yesterday’s high, technically is expected to increase further in the upcoming period. Is still shy on the short term and is waiting support from the fundamental factors, the US data could bring some action on this pair.

You should be careful in the afternoon as the US is to release the CB Consumer Confidence indicator, which could decrease from 118.9 to 116.5 points in July, while the Richmond Manufacturing Index is expected to remain steady at 7 points for the second month in July.

GBPUSD Daily Chart

Price has come down to retest the upper median line (UML) of the major descending pitchfork and now is struggling to extend the latest gains. Technically should climb much higher in the upcoming period if will stay much above the UML and above the 1.2932 previous low.

Personally, I would like the price to come down to retest also the first warning line (wl1) of the ascending pitchfork before will climb towards new highs, well have a perfect buying opportunity if will retest the confluence between the UML and the wl1.

The next upside target will be at the 150% Fibonacci line (ascending dotted line), resistance can be found at the upside line of the ascending pitchfork as well.

NZD/USD losing altitude

The kiwi is going down versus the greenback on the short term, even if the dollar index stays below the 94.00 psychological level. Price found resistance at the 0.7458 level and now could correct after the impressive rally.

NZDUSD Daily Chart

Could decrease in the upcoming days after another failure to reach the warning line (WL3) of the former major ascending pitchfork. Has also failed to reach and retest the 0.7484 major static resistance, so a retreat towards the 0.7375 static support is favored on the short term.

Maintains a bullish perspective as long as is trading above the fourth warning line (WL4), a only a valid breakdown below this level will confirm a larger drop.

Brent Oil breakout in play, buying opportunity?

Brent Daily Chart

Brent edges higher and is trading much above the 50% retracement level, a retest of this level will give us a very good buying opportunity, the next upside target will be at the sliding line (SL). A larger rebound will be confirmed after a valid breakout from the descending channel’s body.

Is on a declining path as long as is trading within the descending channel’s body, technically was expected to drop further after the failure to stay above the ML and above the 61.8% retracement level. The current bounce back is natural as the rate failed to reach the downside targets from the 38.2% retracement level and the 50% Fibonacci line

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