The GBP/USD pair bounced from its support zone on a 30 minute time frame. This support zone was given in our analysis 26th of June. The price action is trading above the 50 day (shown in green) and 100day (shown in yellow) moving averages which show that the bulls have taken the control.
However, the pair is still trading below the downward trend line which could push the price back down once the pair approaches near the downward trend line. A close of the price above this trend could determine the further continuation of the upward move.
The RSI is trading in line with the price action which means that the bias is towards the upside.
GBP/USD" width="1434" height="748">
Important Levels
Resistance Zones
1.5892-1.5848 Major
1.5809-1.5774 Major
1.5681-1.5645 Minor
1.5479-1.5445 Minor
Support Zone
1.5170-1.5140 Minor
1.5034-15005 Major
1.4943-1.4900 Major
DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.
by Naeem Aslam