16 July GBPUSD Technical Outlook: Further upside is expected


Cable staged a dramatic recovery on Friday, rebounding more than 100 pips to reach a high near 1.3240. How is the pair trading at the moment? Gain insight into today’s 16 July GBPUSD Technical Outlook.

16 July, OctaFX – The British pound has regained bullish momentum against the US dollar, after US President Donald Trump’s speech with British Prime Minister Theresa May reaffirmed the two countries commitment to a future trade deal.

The GBPUSD pair has now moved back above the key 1.3205 level and is currently testing the 200-period moving average on the four-hour time frame.

16 July GBPUSD Technical Outlook

  • The GBPUSD pair is only bearish while trading below the 1.3205 level, key technical support is found at the 1.3170 and 1.3133 levels.
  • If the GBPUSD pair starts to trade above the 1.3235 level, buyers will likely target the 1.3255 and 1.3300 resistance levels.

Disclaimer

This article about 16 July GBPUSD Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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