The UK Consumer Confidence data is due today. Ahead of the release, ADS Securities shared their UK Consumer Confidence data release GBPUSD impact analysis.
27 July, ADS Securities – The Pound advanced against the US Dollar in the previous session, after the nation’s economy continued its lacklustre performance in the second quarter.
UK Consumer Confidence data release GBPUSD impact
At present, the pair is trading with a strong bias on the 1H chart, ahead of the UK’s consumer confidence index data to be released, later today. Additionally, the MACD indicator is moving upwards, further confirming the positive stance. The key technical resistance is positioned at the 1.3185 level (last observed in September 2016), followed by the 1.3210 and 1.3250 levels.
A sustained break above the latter might trigger further bullishness in the pair. On the other hand, intraday support is seen at the 1.3105 level, followed by the 1.3060 where EMA 55 is trading and 1.3020 where EMA 200 is placed. If latter fails to hold, it might generate bearish pressure on the pair.
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