Cable continued higher on Tuesday, extending last week’s recovery as the dollar weakened against a basket of currencies. What next should buyers expect? Find out in the following 17 July GBPUSD Technical Forecast.
17 July, OctaFX – The British pound continues to move away from the 1.3290 level against the US dollar, as traders book profits ahead of the release of key Jobs and Wage data from the United Kingdom economy.
The GBPUSD pair has recently failed to move price above the 1.3300 level, as ongoing Brexit concerns limit the upside in the British pound. Buyers will look to target the 1.3300 level once again, while sellers will look for a sustained break below the 1.3205 level.
17 July GBPUSD Technical Forecast
- The GBPUSD pair is intraday bullish while trading above the 1.3205 level, key technical resistance is found at the 1.3255 and 1.3300 levels.
- If the GBPUSD pair falls below the 1.3205 level, sellers will likely target the 1.3155 and 1.3130 support levels.
This article about 17 July GBPUSD Technical Forecast 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.