Key Highlights
- GBP/USD started a fresh increase above the 1.3250 resistance.
- A key bullish trend line is forming with support at 1.3360 on the 4-hour chart.
- Gold price could continue to rise toward $2,700 or even $2,750.
- Bitcoin is consolidating gains above the $62,500 level.
GBP/USD Technical Analysis
The British Pound formed a base above 1.3200 against the US Dollar. GBP/USD started a fresh increase above the 1.3250 resistance zone.
Looking at the 4-hour chart, the pair climbed above the 1.3350 and 1.3400 levels. It even settled well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
The pair even tested the 1.3430 level before a minor pullback. On the downside, immediate support sits near the 1.3360 level. There is also a key bullish trend line forming with support at 1.3360 on the same chart, below which the pair might test 1.3280.
The next key support sits near the 1.3200 level and the 100 simple moving average (red, 4-hour). Any more losses could send the pair toward the 1.3120 support zone.
On the upside, the pair could face hurdles near the 1.3430 zone. A clear move above the 1.3430 zone might set the pace for a move toward 1.3500. Any more gains might call for a test of the 1.3550 zone.
Looking at Bitcoin, the bulls are still in action, and they might soon aim for a move above the $64,500 resistance zone.
Upcoming Economic Events:
- US Gross Domestic Product for Q2 2024 (Preliminary) – Forecast 3% versus previous 3%.
- Federal Reserve Chair Jerome Powell’s speech.
