Trading GBPUSD? This 17 July GBPUSD technical analysis from ADS Securities will successfully guide you through today's trading day.
17 July, ADS Securities – The Pound advanced against the US Dollar for the third straight session and touched its highest level since September 2016, amidst disappointing inflation and retail sales data from the US.
17 July GBPUSD technical analysis
At present, the pair is trading with a downside tone on the 1H chart, indicating at the bearish momentum in the near term. In addition, a signal line crossover from above by the MACD indicator, further endorses the above stance. Immediate technical support is aligned at the 1.3065 level followed by the 1.3030 and crucial 1.3000 where EMA 55 is located.
A breach below the latter might lead to negative pressure on the pair. On the other hand, key intraday resistance is positioned at the 1.3130 level, followed by the crucial 1.3150 and 1.3180 levels. A surge above the latter might generate further positivity in the pair.
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