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GBPUSD → The bulls are holding their ground. Target 1.29

2024-07-10 10:53 FOREX forecast

💡Ideas For GBPUSD 🇬🇧🇺🇸

📈 GBPUSD → The bulls are holding their ground. Target 1.29

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GBPUSD shows bullish outlook ahead of strong news publication. GBPUSD continues to strengthen on the overall fundamental backdrop

snapshot

The market is reacting weakly to the resistance area as, against the backdrop of a relatively weak dollar buyers are taking initiative towards GBP. Strong news ahead. Powell speaks again today, tomorrow the UK GDP is published, as well as the US CPI. The news can both strengthen the growth and reverse it.

Technically, the currency pair looks quite bullish. The price consolidation above 1.28 will be a good point for the continuation of the rise to 1.29 and 1.30.

But, the structure will be broken when 1.2775 is broken, in this case we can expect a correction to 1.27 - 1.266.

Resistance levels: 1.28, 1.289

Support levels: 1.2775, 1.2708

Fundamentally and technically everything is positive, I continue to consider further strengthening under a number of conditions described above. The potential target is 1.29

But or sell? More info >>>

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