empty
11.07.2023 12:05 AM
Technical analysis of GBP/USD for July 10, 2023

This image is no longer relevant

Overview :

The GBP/USD pair rises to highest levels above 1.2761. The GBP/USD pair surpassed 1.28060 during the American session, reaching the highest level in more than a year, boosted by a weaker US Dollar. An improvement in risk sentiment weighed on the Greenback. The UK's ONS will release labor market data on Monday.

The Relative Strength Index (RSI) indicator on the four-hour chart stays near 70 early Monday, highlighting a lack of seller interest. On the upside, 1.2806 (multi-month high, static level, mid-point of long-term ascending regression channel) aligns as first resistance ahead of 1.2806 (psychological level) and 1.2867 (upper-limit of the ascending channel).

Uptrend :

The GBP/USD pair rose from the level of 1.2806 towards 1.2867 yesterday. Now, the current price is set around the area of 1.2867. On the H1 chart, the resistance is seen at the levels of 1.2867 and 1.1911. Besides, the weekly support 1 is seen at the level of 1.2762.

The Pound is at an all-time high against the dollar around the spot of 1.2761 - 1.2867 - Ethereum is inside in upward channel. Closing above the major support (1.2761) could assure that GBP/USD will move higher towards cooling new highs. The trend is continuing rising by market cap at 2.3% in a day, 16.1% in a week, and 64.4% in a month, and is trading at 1.2806 after it reached 1.2867 earlier.

The ternd has been set above the strong support at the price of 1.2761, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. The market is likely to show signs of a bullish trend around the spot of 1.2761.

Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.2762, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.2762 and 1.1911. The bulls must break through 1.2867 in order to resume the up trend.

Buy orders are recommended above the area of 1.2806 with the first target at the price of 1.2911; and continue towards 1.2950 in order to test the last bullish wave. On the other hand , if the GBP/USD pair fails to break through the resistance price of 1.2867 today, the market will decline further to 1.2696.

On contrast; in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.2762/1.2703, a further decline to 0.6561 can occur which would indicate a bearish market. On the downside, the 1.2762 level represents support. The next major support is located near the 1.2703, which the price may drift below towards the 1.2590 support region.

R21.2911
R11.2867
Pivot point1.2761
S11.2996
S21.2590
Summary
Urgency
Analytic
Mourad El Keddani
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forex forecast 15/07/2025: EUR/USD, GBP/USD, USD/JPY, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 12:58 2025-07-15 UTC+2

GBP/USD. Analysis and Forecast

Today, the GBP/USD pair is consolidating within the 1.3430–1.3435 level, holding slightly above the three-week low recorded during the Asian session, as markets await the release of U.S. consumer inflation

Irina Yanina 12:18 2025-07-15 UTC+2

Forecast for EUR/USD on July 15, 2025

On Monday, the EUR/USD pair traded sideways, and overall market activity was very low. Thus, despite the prevailing bearish sentiment, bears failed to push the pair lower. A rebound from

Samir Klishi 11:46 2025-07-15 UTC+2

Forecast for GBP/USD on July 15, 2025

On the hourly chart, the GBP/USD pair continued to decline on Monday and by the end of the day had reached the support zone of 1.3425–1.3444. A rebound from this

Samir Klishi 11:30 2025-07-15 UTC+2

Despite the potential for a correction to its nearest support level, USD/CHF still has the potential to return to its bullish bias on Tuesday, July 15, 2025.

USD/CHF - Tuesday, July 15, 2025. With the Golden Cross condition between EMA(50) and EMA(200) indicates that buyers still dominate, although there is potential for a correction in the near

Arief Makmur 07:31 2025-07-15 UTC+2

If the Fiber strengthening is held at its Resistance 1 level, EUR/USD has the potential to weaken again on Tuesday, July 15, 2025.

EUR/USD - Tuesday, July 15, 2025. Although the RSI(14) is at 55.39 (Neutral-Bullish), the EMA(50) is below the EMA(200), indicating that despite the upward retracement, the potential for a continued

Arief Makmur 07:31 2025-07-15 UTC+2

EUR/USD Forecast for July 15, 2025

On the daily chart, the price has consolidated below the 1.1692 level. The Marlin oscillator is currently entering the territory of a downward trend. The target at 1.1535

Laurie Bailey 05:12 2025-07-15 UTC+2

GBP/USD Forecast for July 15, 2025

By the end of Monday, the British pound consolidated below the balance indicator line, having approached the target support level at 1.3369 by 65 points. The signal line

Laurie Bailey 05:12 2025-07-15 UTC+2

USD/JPY Forecast for July 15, 2025

Following a rebound from the support level at 146.11, the USD/JPY pair has reached the upper line of the wedge pattern on the daily chart and is now targeting

Laurie Bailey 05:12 2025-07-15 UTC+2

USD/JPY. Analysis and Forecast

The USD/JPY pair remains in a consolidation phase near a three-week high, supported by U.S. dollar strength and mixed market signals. The dollar is being bolstered by U.S. President Donald

Irina Yanina 12:17 2025-07-14 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.