Cable traded within a narrower range on Monday as the bulls continued to eye a bullish reversal near the 21-day simple moving average of 1.3200. What can sellers and buyers expect? This will be highlighted in the following 31 July GBPUSD Technical Analysis.
31 July, OctaFX – The British pound trades back towards the 1.3100 level against the US Dollar after traders sold the GBPUSD pair from the 1.3150 level on Monday.
Sterling is likely to remain under selling pressure while trading below the 1.3177 level, as it marks a pivotal technical area bulls must break.
Sellers will once again attempt to target sustained losses below the 1.3080 level, while buyers will need to break above Monday’s daily-high for further bullish advancement.
31 July GBPUSD Technical Analysis
- The GBPUSD pair is bearish while trading below the 1.3080 level, key support is now found at the 1.3050 and 1.3030 levels.
- If the GBPUSD pair holds above the 1.3177 level, buyers are likely to test towards the 1.3205 and 1.3245 resistance levels.
This article about 31 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.