GbpUsd Daily Technical View, July 24th
Cable seemed to have difficulties getting above 2.0600 yesterday with 2 failed attempts but early in the Asian session the pair broke through. Above the current trading price we can look at 2.0650 and 2.0700 for future resistance and levels that will act as bullish targets.
We still have to be on the lookout for a possible retracement and be aware of the support levels and how the pair might react to them, closest support level is at 2.0450 followed by the 2.0365 former resistance now turned support and also a .50 Fib of the last move up.
The pair's bias is still bullish and trading should reflect that on the longer timeframes, but contrarian or bearish traders might speculate any opportunity to open new shorts to add downside pressure to the pair in hope that this will trigger a south move.
Resistance Levels
* 2.0700- round number
* 2.0650 – 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
