GBP/USD Resumes Its Upwards Movement!

Olimpiu Tuns
26 July 2021 | Updated: 26 July 2021

GBP/USD is strongly bullish today as the DXY drops. The pair has decreased a little in the short term, but only to retest the immediate support levels. Making a new higher high could really announce further growth.

The US New Home Sales indicator will be released today and is expected at 800K higher versus 769K in the former reading period. Also, tomorrow, the CB Consumer Confidence could bring high action on this pair. Some poor US data ahead of the FOMC could lead the greenback towards lower levels.

GBP/USD H4 Chart Technical Analysis!

GBP/USD has managed to sttabilize above the ascending pitchfork’s median line (ML). A new higher high could indicate upside continuation. Now is pressuring the 61.8% level, the 1.3787, and the upside sliding parallel line.

Closing above these upside obstacles may offer us a great buying opportunity. GBP/USD has registered an aggressive breakout through the minor downtrend line announcing strong buyers.

Conclusion!

Registering a fresh new high could activate strong upside movement in the short term. The next major upside target is seen at the ascending pitchfork’s upper median line (UML).

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.