Pound versus US Dollar threat stays lower, just – GBPUSD Forecast

Intermediate

GBPUSD day trade outlook: A negative bias, despite a rebound

A Tuesday rally to build on Monday’s rebound but still just capped by 1.2549 resistance at 1.2542 and whilst these barriers we hang onto negative pressures from last week’s plunge below 1.2454 and the up trend line from mid-May, plus from the mid-June spike through 1.2500 support, to keep the risk lower into Wednesday.

¬∑      We see a downside bias for 1.2431 and 1.2380; a break here opens risks towards 1.2335 and maybe key 1.2290.

  • But above 1.2542/49 aims for 1.2580, maybe even towards 1.2642.

GBPUSD intermediate-term outlook

The early June rally above 1.2467 and then 1.2647 saw a shift from an intermediate-term bear trend to a broader range and then to an intermediate-term bull trend.

  • Upside risks: We see an intermediate-term bull trend for 1.3000 and maybe 1.3200.
  • What changes this? Below 1.2290 shifts the an intermediate-term bull trend to neutral, and below 1.2075 to an intermediate-term bear trend.

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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