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22.07.202108:13 Forex Analysis & Reviews: GBP/USD Two Trading Scenarios

Exchange Rates 22.07.2021 analysis

GBP/USD has found strong demand around 1.3591 level and now is almost to reach the 1.3753 level, a previous low. Still, the pressure is high as long as it stays within the down channel's body, below the downtrend line.

Technically, it could drop anytime again as the current growth could be only a temporary one. It could only retest the downtrend line and the 1.3753 before dropping again. Only jumping and stabilizing above these levels could really signal a potential strong upwards movement.

Conclusion!

GBP/USD could drop again as long as it stays under the upside obstacles (1.3753, downtrend line). The 1.3591 low is seen as a potential downside target.

We may have a new buying opportunity only if GBP/USD jumps and stabilizes above the downtrend line.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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