GBPUSD Registers Fresh 4 Months High at 1.3170 Level, Continues to Perform Despite UK Lockdown

GBPUSD Registers Fresh 4 Months High at 1.3170 Level, Continues to Perform Despite UK Lockdown

GBPUSD Price Analysis – August 2

GBPUSD ended the prior session at around 1.3170 level, which was the highest in four months. The weakness of the greenback is driving pounds higher while in England the currency is shrugging off restrictions on 4.3 million people. The GBP has been heavily overbought against the USD implying vigilance to avoid pursuing the pound higher shortly.

Key Levels
Resistance Levels: 1.3514, 1.3303, 1.3200
Support Levels: 1.3050, 1.2812 1.2647
GBPUSD Long term Trend: Bullish
Last week’s GBPUSD rally increased further to a level of 1.3170. As a new high is in effect, this week’s initial bias is first neutral. On the upside, the 1.3170 level breach may restart the increase from 1.1409  to 1.2647 levels at 1.3303 levels from 1.2075.

On the contrary, the bias to the downside for broader downshift may switch beneath the 1.3050 minor support level. But the downside may bring another rally which should be contained by 1.2812 resistance turned support level. That being said, a decisive split of 1.3514 level might at least indicate bottoming in the medium term and switch out a bullish viewpoint for 1.4376 resistance initially.
GBPUSD Short term Trend: Bullish
During the prior session, GBPUSD significantly advanced to a 4-month high of 1.3170 level, recording six green candles in a row in the 4-hour chart while dropping back around near-term support at 1.3050 level thus exiting at 1.3077 level.

The short-term moving averages 5 and 13 are beyond its 1.3050 level short-term support but the RSI is correcting from the overbought territory, suggesting a potential downside retracement. If it does not hold onto its support, the drop to 1.2812 level may extend beyond 38.2 percent of the rise.

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
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$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
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!