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Technical Analysis

GBP/USD Can Buyers Step In Again?

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Price posted humble gains today as the USD is undecided on the short term after the USDX's failure to close above the 93.81 static resistance. GBP/USD is pressuring an important support level, technically, is expected to rebound from this dynamic obstacle, but remains to see how will react after the United States data will be released later.

The US inflation numbers may bring a high volatility in the currency market, remains to see the direction because some good numbers will boost the greenback, which will resume the minor upside movement.

The United States CPI is expected to increase by 0.2% in July, more versus the 0.0% growth in June, could reach the highest growth on the last 3-months. While the Core CPI may increase by 0.2%, more compared to the 0.1% growth in the former reading period, the economic indicator could reach the highest level of the last 5-months and could lift the greenback.

Price dropped after the retest of the upside line of the up channel and now is retesting the first warning line (wl1) of the ascending pitchfork. A rebound will come only if the USDX will slide further because another bullish momentum will send the rate much below the dynamic support.

Support can be found at the upper median line (UML) of the ascending pitchfork as well. Price will be driven by the fundamental factors in the upcoming hours. The bias is bullish as long as the warning line (wl1) is unharmed.

Author: MultiBank Exchange Group Website: http://www.mexgroup.com
MultiBank Exchange Group
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.
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