GBPUSD Forecast and Technical Analysis 07-25-2018
- UK PM Theresa May said she would take the control of the negotiations with the EU, while the Brexit department will take care of preparing for Britain’s departure from EU.
- On the other side, the latest soft macroeconomic data and the decreasing hopes for August rate hike are limiting bullish move.
- US Home Sales will be released today.
GBPUSD is trading at 1.31400 as of writing.
The midterm trend is bearish. Cable is trading far below EMA 50 and EMA 100 on the daily charts.
On the H4 Chart, we saw a recovery and pair moved above EMA 50 however upward price action was limited. RSI is in the positive territory but it headed south.
The pair must break and close above 1.31830 – MM Resistance on H4 Chart- to continue its short-term bullish action.
1.31200 – 1.31000 zone is the key support. It means the direction of the breakout of this “80 pips channel” will determine the new direction of the pair.
Trade Idea: No Trade Zone.!! We will update as soon as we got a clear confirmation
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
GBPUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility