29 July 2016, GBP/USD
GBP/USD is currently trading with a bullish bias. Yesterday, the pair retraced to the lower side but could not close below 1.3111. As long as the level 1.3111 protects the lower side, we expect a possible rebound from this level to go long but only up to 1.3491. A clear breakout below 1.3111 may invalidate the anticipated rebound and could culminate into a possible bearish price movements towards 1.2905 or even below. This pair should be traded alongside GBP/JPY, GBP/CHF, AUD/USD, GBP/CAD, and GBP/NZD.These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.
As long as the pair trades above 1.13111 expect a possible bullish price rally towards 1.3491. A breakout below 1.3111 will call for short positions with an ideal target at 1.29053.
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us