GBP-USD @ 2.0324/29……..Resistance at 2.0370 (July 12)
R: 2.0365-7 / 2.0390
S: 2.0300 / 2.0250
GBP-USD tested fresh highs near 2.0367 during the day and the pair has again reacted from that level, possibly implying that Resistance from the trendline on the 4-Hourly, joining the highs of 1.9786 (12-June) and 2.0198 (03-July) is strong. If that is crossed, then we are very likely to see another sharp rally towards 2.0389, the statistically projected Max High for the day.
On the downside the Support at 2.0300 is important and a break thereof exposes a fall towards 2.0250. The bias for the day is bullish and a sharp fall towards 2.0270 could be used to buy.
Happy Trading!
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Analysis by FXThoughts
