GBP/USD Daily Forecast - 3 July

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Monday, Jul 02 2018

GBP/USD Daily Forecast - 3 July

The GBP/USD pair remains in negative territory for the day and near YTD lows on a stronger US Dollar across the board and amid risk aversion. The pair bottomed earlier at 1.3094 and then bounced to the upside. The recovery was capped by 1.3145 and it pulled back again following US data. The intraday tone remains bearish in line the dominant trend.

Friday’s recovery was short-lived and cable again points to a potential test of the key 1.3040/50 strong support area. To the upside, immediate resistance levels are seen at 1.3145/50, 1.3185 and 1.3215. On the flip side, support might be located at 1.3095 (Jul 2 low), 1.3065 (Jun 29 low) and 1.3045/50 (last week lows). Long-term looking buying is not an option.

More in this category: « AUD/USD Daily Forecast - 3 July EUR/USD Daily Forecast - 3 July »

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