empty
 
 
29.07.2021 09:19 AM
Technical Analysis of GBP/USD for July 29, 2021

Technical Market Outlook:

The GBP/USD pair is approaching the key short-term supply zone located between the levels of 1.3965 - 1.4000. The technical support is seen at the level of 1.3832 and 1.3908. Any violation of the level of 1.3908 will result in a wave down towards the local technical support seen at 1.3832. The momentum remains strong and positive, so please keep an eye on the macroeconomic events that might trigger the breakout above 1.4000 in the near future despite the overbought market conditions on H4 time frame chart.

Weekly Pivot Points:

WR3 - 1.4060

WR2 - 1.3923

WR1 - 1.3845

Weekly Pivot - 1.3712

WS1 - 1.3638

WS2 - 1.3495

WS3 - 1.3415

Trading Recommendations:

The weekly time frame chart still shows, that the up trend is still intact, however, the bears are very close to start a genuine correction. A sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. When the corrective cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback