GbpUsd Daily Technical View, July 23rd
Cable also made record highs getting just a few points from the 2.0600 resistance level. Most of the past week's move was made on Tuesday as the pair was reacting to both technicals and fundamentals, breaking above the 2.0365 resistance gave the pair an important boost and we saw price touching 2.0550, after an initial rejection from the resistance line on Thursday cable broke above in Friday's session and made a new record high at 2.0586.
The 2.0600 level is the closest resistance that needs to be broken in order that we see more gains; above 2.0600 there are no more clear resistance levels and we will need to pay attention at price action near round numbers as 2.0650 and 2.0700 to see if they can act as resistance levels.
On the other side one should be aware that a possible retracement might be in place after such a strong push north, if that will be the case the closest support level is at 2.0450 followed by the 2.0365 former resistance now turned support.
Resistance Levels
* 2.0600- round number
* 2.0550 – round number
Support Levels
* 2.0360 – July 11high
* 2.0200 – Round number
* 2.0133 – April 18th High
* 2.0060/70 – April 25th High
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Analysis by Bogdan Parascanu of FX Instructor
