Forex Analysis:GBPUSD Bulls Remain Poised Towards 1.2900

Bottom line: GBPUSD long term structure continues to remain bullish against 1.1414 support…

Bottom line: GBPUSD long term structure continues to remain bullish against 1.1414 support. In the short term, bulls might be targeting 1.2900 before finding resistance again. We can expect a meaningful corrective drop thereafter.

Fundamental Outlook:

EURUSD exchange rate has been the biggest beneficiary in the past 2 weeks as it had reached close to 1.1400 levels last week. It would be taking cues on the distribution of the proposed EURO 750 billion recovery fund by the European Union to help recover from the COVID-19 pandemic. The exchange rate might gain further on the agreement of the proposed fund, by all members.

GBPUSD has also managed to rise, pushing through 1.2700 levels. The currency pair might be facing volatility this week, as news come in regarding Brexit talks on the proposed extension of July 01 deadline. The better than expected NFP (+2.5million jobs were added) last week also helped gain as the US Dollar faced a tough week.

Oil prices continued to surge further today, as WTI Crude trades at $39.84, up nearly +2% as we write this article. On the other side Brent is also up over +2.0%, trading close to $42.80. The decision taken by the OPEC+ to continue its production cut of 10 million barrels per day by another month has aided prices further.

Technical Analysis:

GBPUSD bulls continue to remain in control as they print higher highs and higher lows since 1.1414. The recent higher low was print just below 1.2100 mark, and since then bulls have been targeting 1.2850/1.2900 levels before producing a corrective drop.

GBPUSD would complete an impulse wave if prices reach 1.2900 mark. This would also confirm a long term trend reversal and that bulls are here to stay. Structurally, a corrective drop can be expected after breaking above 1.2900 resistance. It could also reach 1.3200 and 1.3500 resistance as well, if the recent rally extends itself.

Prepared by

Harsh Japee, Technical Analyst.

 

GBPUSD Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:http://www.myfxtop.cn/analysis/27927.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部