GBP/USD Classical 07.20
GBP/USD: Any attempts for a bearish resumption have been put on hold with the market being well supported on dips into the 1.5000 area which coincides with both the 20/100-Day SMAs. Nevertheless, we retain a bearish outlook and look for any additional rallies to be capped ahead of 1.5500 on a close basis. Friday’s and Monday’s price action is somewhat reassuring with the market stalling out ahead of 1.5500 and reversing sharply back below 1.5300. Next support comes in by 1.5100 and a close below this level should help to accelerate declines further. Only back above 1.5500 negates and gives reason for concern.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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