GBPUSD Forecast And Technical Analysis July 30th
GBPUSD remains under bearish pressure but managed to close above 1.31000 physiological level as the US data Friday was not above the expectations. The pair is trading in a narrow range last days because of the lack of major economic data on the UK side.
On the H4 Chart, Cable is trading below EMA50 and MM 7/8 1.31300. We see a bearish continuation pennant pattern on the H1 chart. A break below will carry the price toward 1.30000 and an upside break would abort the immediate bearish outlook as the pair will move above EMA 50 and upper Bollinger Bands.
We will enter a trade according to the direction of the breakout.
Entry signals will be sent to members.
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