Trading GBPUSD? This 13 July GBPUSD trading outlook from ADS Securities' team of market analysis will come in handy. What is your projection for Cable?
13 July, ADS Securities – The Pound advanced against the US Dollar in the prior session, after data showed that the British unemployment rate dropped to its lowest level in 42 years in May. Early today, the house price balance in the UK fell more-than-expected in June.
13 July GBPUSD trading outlook
Currently, the pair is trading rangebound between 1.2885-1.2910 on the 1H chart, indicating at consolidation in the near term. However, the MACD indicator is slightly moving lower, hinting at a likely downside momentum in the near term.
Key technical support is located at the 1.2875 level where EMA 200 is trading, followed by the 1.2850 and 1.2825 levels. A breach below the latter might lead to negativity in the pair. On the bright side, key near-term resistance is placed at the 1.2925 level, followed by the 1.2960 and 1.2985 levels.
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