Cable (GBPUSD) bull threats – GBPUSD forecast

  • Last week we highlighted a GBPUSD buying opportunity and a positive theme has prevailed since then.
  • This is despite the more negative tone coming from the EU/UK trade negotiations.
  • The US Dollar has fallen into range environments against most major currencies over the past 1-2 weeks, but the speech from Jerome Powell at the Jackson Hole Economic Symposium today could trigger a breakout.
  • We still see GBPUSD strength resuming into late August and early September

GBPUSD day trade outlook: A firming bounce and upside risks

A Wednesday advance to build on Tuesday’s rebound to now overcome 1.3157 and 1.3170 resistances, having built at a base on our 1.305/45 support area, to start to resume upside forces from the recent August push to new cycle high at 1.3267 above the key peak from March 2020 at 1.3200, to keep the risk to the upside into Thursday. 

Day trade setup

  • We see an upside bias for the recent cycle high at 1.3267 and even towards key peak from December 2019 at 1.3284.
  • But below the 1.3117 aims for the 1.3053/45 supports, which we would look to try to hold; below opens risk down to 1.3005.

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 1.3284 and maybe 1.3515.

  • What changes this? Below 1.2981 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.
gbpusd chart
6 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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