GBPUSD Is Neutral-to-Bullish, Upside Momentum May Resume Beyond 1.2700 Level

GBPUSD Price Analysis – July 12

In the preceding session, the GBPUSD pair reached 1.2664 level, unable to exceed its weekly high and pull back to stay at 1.2612 level. The run was the direct consequence of the vulnerability of the wider dollar, as headlines from the UK did not offer the Pound any protection.

Key Levels
Resistance Levels: 1.3514, 1.3050, 1.2812
Support Levels: 1.2500, 1.2251, 1.1409
GBPUSD Long term Trend: Ranging
The GBPUSD pair is near-monthly high level of 1.2669 set on Thursday, a neutral-to-bullish trend on the daily chart. The pair have stayed beyond the moving average of 13 for a 4th successive day, with sellers positioned at 1.2647 ahead of the horizontal resistance level.

Meanwhile, technical indicators retain positives but lack strategic momentum. Although the recovery from the 1.1409 level is high in the wider context, there isn’t enough confirmation for a trend reversal. Nonetheless, a definitive breach of 1.3514 level may at least indicate bottoming over the medium to long term.
GBPUSD Short term Trend: Ranging
A bullish looking moving average 5 offers dynamic support in the 4-hour chart, now at a level of 1.2605, and keeps going north beyond the level of horizontal support at 1.2560. Besides that, technical indicators remain unfocused deep into positive territory, reducing the chances of a near-term downward expansion.

Yet more growth is projected as long as there is a level of 1.2500 minor support. On the positive side, a 1.2669-level breach may aim for a 1.2812-level test. Nonetheless, on the negative, breach of 1.2500 level may instead transform bias back to the downside for support level 1.2251.

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