FXOpen
The Great Britain Pound (GBP) inched lower against the US Dollar (USD) on Monday, decreasing the price of GBPUSD to less than 1.3150 following some key economic events. The technical bias remains bullish because of a higher low in the recent upside rally.
GBP/USD Technical Analysis
As of this writing, the pair is being traded near 1.3110. A hurdle may be noted around 1.3158 (the high of the last major upside rally) ahead of 1.3247 (another key horizontal resistance) and then 1.3300 (the psychological number).
On the downside, a support can be noted around 1.2700 (a psychological number) ahead of 1.2634 (the low of the last major downside move) and then 1.2500 (the confluence of horizontal support as well as psychological number) as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.2700 support area is intact.
UK Mortgage Data
The Bank of England released the following data for mortgage lending, consumer credit and M4 money supply (previous data in brackets) on Monday. Number of mortgage approvals june may forecast 64,684 65,109 (65,202) 65,000 lending to individuals (net change in bln stg).
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 93.25 by 02.29 a.m. ET (06.29 a.m. GMT), after ending Friday’s session down around 0.6%. The index has fallen around 2.2% so far this month and is down around 9% for the year to date.
The dollar remained on the back foot after data on Friday showing that while U.S. economic growth accelerated in the second quarter wage growth and inflation remained sluggish.
Trade Idea
Considering the overall technical and fundamental outlook, buying the pair around current levels may be a good strategy in short to medium term.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Gold Price Plunges After Climbing to $3,500 for the First Time
As the XAU/USD chart shows:
→ Yesterday, the spot gold price stopped just a few cents short of the key psychological level of $3,500 (and even exceeded it on the futures market);
→ But this morning, an ounce is trading
Alphabet (GOOGL) Shares Hover Near Psychological Level Ahead of Earnings Report
On 31 March, we noted that bearish sentiment could push Alphabet’s (GOOGL) share price towards the psychological level of $150. As the current price chart suggests, GOOGL is now trading close to that very level.
Moreover, the price is
Four 1-Minute Strategies for Scalpers
Scalping is all about speed, precision, and quick decision-making. For traders who thrive in fast-paced environments, 1-minute strategies offer a way to engage with the market. But with such a short timeframe, trading requires a clear plan and sharp execution.