Technical analysis of GBP/USD for July 24, 2017

Overview:

• The GBP/USD pair continues to rise from the level of 1.3001 in the long term. It should be noted that the support is established at the level of 1.3001 which represents the 78.6% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest levels of 1.2912 and 1.3001. So, buy above the level of 1.3051 with the first target at 1.3177 in order to test the daily resistance 1 and further to 1.3242 in coming days. Also, it might be noted that the level of 1.3242 is a good place to take profit because it will form a new double top this week. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3001, a further decline to 1.2851 can occur which would indicate a bearish market. Overall, the market is still calling for a strong bullish market as long as the trend is set above the spot of 1.2912.

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

Source:: Technical analysis of GBP/USD for July 24, 2017