GBP/USD Upside Still In Cards

13 July 2021 | Updated: 13 July 2021

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.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.