The 2018 lows have been well supported at 1.3050 as the pair climbs higher within the descending channel eyeing resistances at 1.315, 1.3276 21-DMA, 1.3315 Jun 22 high and the 1.3331 weekly cloud top. To the downside, the 1.3000's are open below the 1.3040/50 levels, where the Nov 3 low is located. Deeper, eyes will turn to the 1.29 level. On the flipside, a much wider 1.3461 (50-D SMA)/80 comes before the convergence of the 200-D SMA and 1.3597/1.3600 convergence comes as the upside target.
GBP/USD Daily Forecast - 4 July
As we head into the US holidays, the pound is solid against the 200-1hr SMA at 1.3193 and just of day's highs at 1.3207 with the DXY on the backfoot between the range of 94.5620-94.9780, -0.28% at 1.3192. GBP/USD is ending the North American session +0.23% with a range of 1.3116-1.3207 with a hawkish BoE's Saunders eyeing gradual hikes, adding that U.K. policymakers may need to hike rates faster.
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