GBP/USD Price Analysis: Bulls engage at fresh bear cycle lows

GBP/USD bulls comer up for air at key demand area.
Bears need to stay committed on the front side of dynamic resistance.

Ross J Burland FXStreet

GBP/USD is down on the day and trading at 1.2330 currently. The pair has traveled from a high of 1.2387 to a low of 1.2308 so far. The price is moving into an area of potential support but while on the front side of the bearish trend, the bears are in control and there are prospects of a downside continuation if the bears commit. The following illustrates a couple of scenarios that respect the dynamic resistance lines and also the horizontal support area:

GBP/USD H4 chart

The market has corrected and the question is whether the bears are going to stay committed.

If the bears engage again, we have the 38.2% Fibonacci and the 50% mean reversion resistance area that they could lean against.

On the flip side, if this area were to break, then the bulls will be taking over and the bullish schematic could unfold with the trendline resistance looking vulnerable.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD nudges higher above 1.1350 on softer Fed stance, traders await US jobs data

The EUR/USD pair posts modest gains near 1.1380 during the early Asian session on Thursday. The US Dollar edges lower against the Euro on less hawkish remarks from Federal Reserve Chairman Kevin Warsh. Traders will closely monitor the US jobs data for June later on Thursday.

Gold hovers near $4,050 as bullish USD caps gains ahead of US NFP

Gold steadies following the previous day's volatile two-way price swings and trades just below $4,050 during the Asian session on Thursday as traders now look to the crucial US NFP report for fresh impetus. In the meantime, Wednesday's US economic data kept Fed rate-hike expectations elevated and continues to act as a tailwind for the US Dollar. Furthermore, the uncertainty over US-Iran talks underpins the safe-haven buck, which, in turn, should cap the bullion.

Morpho surges as Standard Chartered projects $60 price by 2030

Standard Chartered has initiated coverage of decentralized finance lending protocol Morpho, forecasting its native token could reach $60 by the end of 2030 as the sector expands and institutional adoption of onchain finance accelerates.

Warsh stays on message as inflation remains the Fed's top priority

At the ECB Forum in Sintra, Fed Chair Kevin Warsh largely followed the script, offering little to change the market’s current view on monetary policy.

Just like Fed, is BoJ’s independence under threat?

When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.