Technical analysis of GBP/USD for July 10, 2017

Overview:

• The GBP/USD pair continues to move upwards from the level of 1.2861. The first support level is currently seen at 1.2861, the price is moving in a bullish channel now.
• Furthermore, the price has been set above the strong support at the level of 1.2861, which coincides with the 61.8% Fibonacci retracement level.
• This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the GBP/USD pair to trade between 1.2861 and 1.3029.
• So, the support is seen at 1.2861, while daily resistance is found at 1.3029. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.2861.
• In other words, buy orders are recommended above the spot of 1.2861with the first target at the level of 1.3029; and continue towards 1.3075 in coming days.
• On the other hand, if the GBP/USD pair succeeds to break through the support level of 1.2861 today, the market will decline further to 1.2756.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of GBP/USD for July 10, 2017