20 July GBPUSD Technical Analysis: Pair is strongly bearish


It has been a volatile week for cable, with prices falling toward the lowest levels of the year. Will the pair remain under heavy downside pressure on Friday? What does the following 20 July GBPUSD Technical Analysis explain?

20 July, OctaFX – The British pound has recovered back above the 1.3000 level against the US dollar after the US dollar index failed to make traction above the 95.50 level on Thursday.

The GBPUSD pair is likely to remain under heavy downside pressure on Friday while trading below the 1.3030 resistance level. Sellers will look for further losses below the 1.3000 level, while buyers will attempt to stabilize price above the 1.3030 level.

20 July GBPUSD Technical Analysis

  • The GBPUSD pair is strongly bearish while trading below the 1.3030 level, key technical support is found at the 1.3000 and 1.2954 levels.
  • If the GBPUSD pair moves above the 1.3030 level, buyers will likely target the key 1.3082 and 1.3100 resistance levels.

Disclaimer

This article about 20 July GBPUSD Technical Analysis 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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