GBP/USD Daily Outlook: Potential Upside Momentum Ahead

Monday, 8 July 2024, 06:29
The GBP/USD pair is showing a positive trend, with an ongoing rise from 1.2612. The intraday bias for GBP/USD continues to be on the upside, targeting the 1.2859 resistance level. A significant breakthrough at this resistance could signal a continuation of the rally towards the 61.8% projection level at 1.2959. Further upside momentum could potentially push the pair to 1.3141 and even 1.3173. However, a drop below the 1.2740 support level might temporarily shift the bias to a neutral stance.
Actionforex
GBP/USD Daily Outlook: Potential Upside Momentum Ahead

GBP/USD Daily Outlook

The GBP/USD pair is currently in an upward trend, showing signs of a continued rise from 1.2612.

Key Points:

  • Upside Bias: Intraday bias favors an upward movement for GBP/USD towards the 1.2859 resistance level.
  • Projection Levels: A breakthrough at 1.2859 could lead to further gains targeting 1.2959 and potentially 1.3141.
  • Downside Risk: A drop below 1.2740 might shift the bias temporarily to a neutral stance.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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