GbpUsd Technical View, July 17th
Cable started the week with a small gain but it took todays GBP news to push it above 2.0400 which was the high established yesterday. The uptrend looks strong enough as we are making higher highs almost every day now. Next significant bullish target and possible strong resistance level is the 2.0500 round number.
On the other hand we have broken through many previous resistance levels that have now turned into support, close we have the 2.0300 if this doesn't hold an eventual price retracement bears might start putting pressure and push cable lower towards the 2.0200 support level, if that also fails we have April 18th high at 2.0133 as an intermediary support before the 2.0050 level and the 2.000 round number.
Resistance Levels
* 2.0500 – round number
* 2.0360 – July 11high
* 2.0280 – July 10 High
Support Levels
* 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
