GBP/USD Weekly Technical Outlook and Key Support Levels
Sunday, 21 July 2024, 04:49
GBP/USD Weekly Outlook
GBP/USD edged higher to 1.3043 last week but retreated since then. The initial bias remains neutral this week for consolidations first.
Price Action and Key Levels
- Downside should be contained by 1.2859 resistance turned support to bring another rally.
- Break of 1.3043 will resume the rise from 1.2298 and target 100% projection of 1.2298 to 1.2859 from 1.2612 at 1.3173.
- This target lies slightly above the key medium term resistance at 1.3141.
Potential Outcomes
- If 1.3043 is broken, expect a continuation of the upward trend.
- However, a firm break of 1.2859 will turn bias to the downside for a deeper decline.
In conclusion, traders should focus on these significant levels as they navigate GBP/USD movements this week.
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.