GBP/USD dropped significantly today but it maintains a bullish bias. It has escaped from a reversal pattern, so it is still expected to increase. DXY has rebounded, helping the USD to increase a little versus its rivals.
The US CPI is expected to increase by 0.5% in June after a 0.6% growth in May. Moreover, the Core CPI could increase by 0.4% versus 0.7% growth in the previous reporting period.
GBP/USD H4 Chart Technical Analysis
GBP/USD has found temporary resistance at the 61.8% retracement level and now is almost to reach the weekly pivot point (1.3849). Technically, a temporary decline was expected after escaping from the Falling Wedge pattern.
Staying above the pivot point and jumping above the 61.8% level could activate an upwards movement. Making a new higher high brings a new long opportunity.
The bullish scenario could be invalidated if the pair drops and stabilizes under the 1.3838 yesterday’s low.
Conclusion!
A new higher high could really validate a potential growth towards 1.4000 psychological level.
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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