GBP/USD Price Analysis: Bulls keep reins above 1.1600 ahead of UK data dump

GBP/USD remains on the front foot after defying monthly bearish channel, crossing 10-DMA.
Bull cross on MACD, firmer RSI also backs the pair’s recovery moves.
Bears have a bumpy road to return, descending trend line from May is the key support.

Anil Panchal FXStreet

GBP/USD remains on the front foot as it keeps Friday’s upside break of the bearish channel and the 10-DMA hurdle during Monday’s Asian session. That said, the Cable pair grinds higher around 1.1620 at the latest.

Not only the upside break of the 10-DMA and rejection of the bearish chart pattern but the recently firmer RSI (14) and the strongest bullish MACD signal in a month also favor the GBP/USD buyers.

With this in mind, the pair bulls aim for the 21-DMA hurdle surrounding 1.1700 ahead of the UK’s key monthly statistics for July, namely Industrial Production, Gross Domestic Product (GDP) and Manufacturing Production.

It’s worth noting, however, that the GBP/USD upside past 1.1700 needs validation from July’s bottom surrounding 1.1760 to keep buyers on the board. Following that, a north-run towards the previous monthly high surrounding 1.2280 can’t be ruled out, with the 1.2000 likely acting as an intermediate halt.

Alternatively, pullback moves may initially rest on the 10-DMA resistance-turned-support, around 1.1555 by the press time, before revisiting the stated bearish channel’s upper line, close to 1.1500 at the latest.

In a case where GBP/USD remains bearish past 1.1500, a four-month-old downward sloping support line, near 1.1375, could challenge the sellers before directing them to the aforementioned channel’s bottom, at 1.1284 by the press time.

GBP/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.1621
Today Daily Change	0.0030
Today Daily Change %	0.26%
Today daily open	1.1591

Trends
Daily SMA20	1.1732
Daily SMA50	1.192
Daily SMA100	1.216
Daily SMA200	1.2747

Levels
Previous Daily High	1.1648
Previous Daily Low	1.15
Previous Weekly High	1.1648
Previous Weekly Low	1.1405
Previous Monthly High	1.2294
Previous Monthly Low	1.1599
Daily Fibonacci 38.2%	1.1591
Daily Fibonacci 61.8%	1.1556
Daily Pivot Point S1	1.1511
Daily Pivot Point S2	1.1431
Daily Pivot Point S3	1.1362
Daily Pivot Point R1	1.166
Daily Pivot Point R2	1.1728
Daily Pivot Point R3	1.1809

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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