GBPUSD analysis week 29

Jun 30

GBP/USD ended the session in a relatively tight range below 1.2650 after the US Bureau of Economic Analysis released data on the Personal Consumption Expenditures (PCE) price index, the preferred measure of inflation of the Federal Reserve (Fed). Despite the UK's positive GDP report, it still cannot lift the strength of the GBP too much,

After recovering from the week's low hit last Wednesday, the GBP/USD pair limited losses and remained below the psychological level of 1,270, a key threshold for buyers to regain control. Sellers are also under less pressure as they face strong support at the 1.256 area because there is a gap in liquidity at a fairly wide price range. Previously, at the support area of ​​1,260, the profit-taking area of ​​investors last month was also an area to pay attention to for scalping signals.

The relative strength index (RSI) shows that sellers remain in control, meaning more losses are expected.

Support: 1,260 -1,256
Resistance: 1,269 - 1,273

Trading signals:
SELL GBPUSD zone 1.273-1.275 SL 1.277
BUY GBPUSD zone 1.256-1.254 SL 1.252

Jul 1

Trade active

Jul 1

Note

GBP/USD holds above 1.2650 ahead of US data
Following a bullish opening to the week, GBP/USD struggles to preserve its bullish momentum and trades in a tight range above 1.2650. The ISM Manufacturing PMI data for June will be featured in the US economic calendar on Monday.

Jul 2

Note

SELL at resistance 1.269 + 50 pips

Jul 2

Note

GBP/USD keeps the bullish bias near 1.2680
The Dollar's vacillating price action allows GBP/USD to extend its daily bounce and approach the key 1.2700 neighbourhood, as investors assess the ECB forum and US data releases.

Jul 3

Note

GBPUSD is still waiting for new data to break out of the narrow trading range