Key Highlights
- GBP/USD is showing positive signs above the 1.3000 resistance.
- A major bullish trend line is forming with support near 1.2940 on the 4-hour chart.
- EUR/USD is extending gains above the 1.1240 level.
- Gold price was able to climb above the $1,950 resistance.
GBP/USD Technical Analysis
The British Pound started a major increase above the 1.2850 resistance against the US Dollar. GBP/USD even broke 1.3000 to move further into a bullish zone.
Looking at the 4-hour chart, the pair settled above the 1.3000 level, the 200 simple moving average (green, 4 hours), and the 100 simple moving average (red, 4 hours).
It tested the 1.3140 zone and recently started a minor downside correction. Immediate support is near the 1.3020 level. The next major support is seen near the 1.2950 and 1.2940 levels.
Besides, there is also a major bullish trend line forming with support near 1.1165 on the same chart. The next major support is at 1.2880, below which there could be a drop to 1.2800 or the 100 simple moving average (red, 4 hours).
Any more losses might send the pair toward the 1.2720 support zone. On the upside, immediate resistance is near the 1.3120 level.
The next major resistance is near 1.3140. If there is a move above the 1.31400 resistance, the pair could rise toward 1.3250. Any more gains might send the pair toward the 1.3400 resistance zone in the near term.
Looking at EUR/USD, the pair is moving higher and might soon attempt a clear move above the 1.1250 resistance zone.
Economic Releases
- US Retail Sales for June 2023 (MoM) – Forecast +0.5%, versus +0.3% previous.
