Pound shifts to more bullish (GBPUSD Forecast)

Intermediate
Published July 8, 2020 by:
Share:

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
Author

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

Comment on this video

Your email address will not be published. Required fields are marked *

Latest Related News

Sterling Beats The Buck

Published 12 hours ago by:
GBPUSD Chart
Despite COVID-19 and a slowing economy GBPUSD pushed higherMarket sentiment is bearish in the very near-term, this will give wayThe impact of any Chinese retaliation will not be as bad as fearedThe muddle in the U.S. suggests Sterling can find a new leg higher Sterling drove higher during the last week on July and held the ground above both the 50- and 200-day moving average.… Continued

Forex Volatility Increases

Published 12 hours ago by:
Forex Videos
Dollar and Euro reverse sharply (DXY, EURUSD)Pound has bull trap above (GBPUSD)Aussie a bear trap below (AUDUSD)Euro-Pound breaks down (EURGBP) Continued

Bullish Pound, aiming higher (GBPUSD Forecast)

Published July 23, 2020 by:
4 Hour GBPUSD Chart
The Pound against the US Dollar Forex rate, GBPUSD has sustained a positive tone.This has been assisted by the weaker US Dollar, with global asset classes extending the July “risk on” theme.The “risk on” phase has been buoyed this week by the EU Recovery Fund agreement this week, as well as by ongoing speculation from positive trials for both treatments of and a vaccine for… Continued

Solid Euro theme

Published July 20, 2020 by:
Forex Videos
Euro breaks Up (EURUSD)US Dollar Index holds key support (DXY)Negative appears on Cable (GBPUSD), sending EURGBP higher Continued

The Pound stays bullish (GBPUSD Forecast)

Published July 17, 2020 by:
6 Hour GBPUSD Chart
The Pound versus US Dollar forex rate, GBPUSD retains a positive tone.This has been assisted by the somewhat successful (for now) unlocking of the UK economy and a weakening US Dollar, as markets have shifted to more of a “risk on” theme.The “risk on” theme has been driven this week by positive trial results from Oxford University and Moderna with respect to a COVID-19 vaccine.This… Continued

Forex Brokers in your location


SIGN UP

78,6% of retail investor accounts lose money


SIGN UP

76.4% of retail CFD accounts lose money.


SIGN UP

79% of retail investor accounts lose.


SIGN UP

75% of retail investor accounts lose money.