31 July GBPUSD Technical Forecast: Pair is hanging just above 1.31


The GBPUSD pairing is trading into 1.3130 ahead of a London market session that sees limited data for the GBP with a key US data release on the docket for later today. What is more, this 31 July GBPUSD Technical Forecast reveals what traders can expect.

31 July, GKFX – Sterling traders are keeping their eyes on the Bank of England’s (BoE) showing on Thursday, where the UK’s central bank is expected by market participants to undergo a 25 bps interest rate hike, but disappointing economic data for the UK recently has left the possibility of a rate hike in unknown territory.

On the US side, USD traders will be seeing US consumer spending figures at 12:30 GMT, leaving the GBPUSD’s directional bias for Tuesday in the hands of Greenback traders.

31 July GBPUSD Technical Forecast

The Sterling is currently leaning towards the bullish side on intraday action, but constraining patterns off of lower highs and higher lows is keeping the major pair trapped in the middle as GBP traders await the upcoming BoE Thursday showing.

GBPUSD Chart, 15-Minute

Spot rate: 1.3125

Relative change: -0.06%

High: 1.3137Low: 1.3111  

Trend: Flat to bullish  

Support

Support 1: 1.3111 (current day low) 

Support 2: 1.3070 (previous week low)

Support 3: 1.2956 (June 19th swing low)  

Resistance

Resistance 1: 1.3151 (current week high)

Resistance 2: 1.3212 (previous week high)

Resistance 3: 1.3361 (one month high)

Disclaimer

This article 31 July GBPUSD Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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