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GBP USD Technical Analysis 16 July 2020

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GBP USD Technical Analysis 16 July 2020

GBP USD Technical Analysis: The GBP rose 0.28% against the USD on Wednesday and closed at 1.2586. Today in the Asian session, while GBP USD technical Analysis 16 July 2020 at 5:15 GMT, the GBP/USD is trading at 1.2555, which is 0.25% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2540 and a fall through could take it to the next support level of 1.2490 The pair is expected to find its first resistance at 1.2590 and a rise through could take it to the next resistance level of 1.2665. Today’s expected trading range is between 1.2460, support and 1.2665 resistance.

The expected trend for today is Bullish

Important support levels:

Support 1: 1.2540
Support 2: 1.2490
Support 3: 1.2460

Important resistance levels:

Resistance 1: 1.2590
Resistance 2: 1.2645
Resistance 3: 1.2665

GBP/USD buying opportunity for intraday trading on July 16, 2020

Buy near the support zones 1.2540 and 1.2490 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.

GBP/USD selling opportunity for intraday trading on July 16, 2020

Sell near the resistance zones 1.2590 and 1.2645 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.

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