Pound shifts to more bullish (GBPUSD Forecast)

Intermediate

GBPUSD day trade outlook: Intermediate-term shift to bullish and upside risks 

A strong advance Tuesday through key 1.2542 resistance for an intermediate-term shift from neutral to bullish, to build on the strong, very early July rally above 1.2510 resistance and to now also overcome the 1.2580 level to 1.2592, to keep the risk to the upside into Wednesday. 

Day trade setup

  • We see an upside bias for 1.2592 and 1.2633; a break here aims for 1.2687, even 1.2719.
  • But below 1.2524/20 opens risk down to 1.2462 and possibly 1.2411.

GBPUSD intermediate-term outlook

The early July push above 1.2542 signalled an intermediate-term shift to a bull trend.

  • Upside risks: We see an intermediate-term bull trend to aim for 1.2813, 1.3000 and maybe 1.3200.
  • What changes this? Below 1.2251 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.
GBPUSD Chart
4 Hour GBPUSD Chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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