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.
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