Cable regained momentum last week, with prices coming within a few pips of the 1.3300 level. What next should traders expect? Find out in the following 9 July GBPUSD Technical Outlook.
9 July, OctaFX – The British pound continues to trade towards the key 1.3300 resistance level against the US dollar, after another bullish weekly price-close.
The British pound is also receiving a boost from UK Prime Minister Theresa May’s plans for a soft Brexit deal were revealed over the weekend.
GBPUSD bulls will now need to hold price above the 1.3300 level for further upside advancement, while sellers will look for rejection around this key technical area.
9 July GBPUSD Technical Outlook
- The GBPUSD pair is strongly bullish while trading above the 1.3300 level, key resistance is found at the 1.3373 and 1.3400 levels.
- If the GBPUSD pair fails around the 1.3300 level, sellers will likely test towards the 1.3255 and 1.3205 support levels.
This article about 9 July GBPUSD Technical Outlook 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.