Cable still more negative – GBPUSD Forecast

Intermediate
  • Ongoing Brexit trade deal concerns have kept negative pressures on the Pound (GBP).
  • The US Dollar retains a safe haven bid, in the light of worries regarding the rise in COVID-19 cases in many southern US states, and also of new pockets of breakout globally
  • This reinforces the negative GBPUSD forecast we published last Wednesday 24th June.

GBPUSD day trade outlook: Intermediate-term shift to neutral below key 1.2290

A Monday selloff below key 1.2290 to shift the intermediate-term outlook from bullish to neutral, to reinforce last Wednesday’s setback (below 1.2431), that rejected the rebound rally early last week just capped by our 1.2549 resistance (at 1.2542).

We see even more negative pressures resuming from the latter June plunge below 1.2500 and 1.2454 supports and the up trend line from mid-May, to keep the risk lower into Tuesday. 

  • We see a downside bias for 1.2251 and 1.2205/04; a break here opens risks towards 1.2160.
  • But above 1.2351 for 1.2397/2400, maybe even towards 1.2464.

GBPUSD intermediate-term outlook

The end of June break below 1.2290 signalled an intermediate-term shift to a broader range seen as 1.2075 to 1.2542.

  • Downside risks: Below 1.2075 sets an intermediate-term bear trend to target 1.1818, 1.1639 and 1.1410.
  • Upside risks: Above 1.2542 sets an intermediate-term bull trend to target 1.2813, 1.3000 and maybe 1.3200

4 Hour GBPUSD Chart

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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  1. How can anyone allow a country like the US just to print Dollars, it would or must be worth less, they take money out of the world economy, they could have saved up for an event like this, it can only be a crash ahead.

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