GBP/USD Technical Analysis: Upside calling, focus on today's close

  • For GBP/USD, the path of least resistance is on the higher side, the higher highs and higher lows, ascending 50-hour, 100-hour and 200-hour MAs indicate.
  • The currency pair closed well above 1.3087 (Tuesday's doji candle high) yesterday, adding credence to the bullish setup on the hourly chart.
  • A close today above the trendline connecting the July 6 high and July 9 high would accentuate the bull case and could yield a sustained move above 1.3204 (May 29 high).

Hourly chart

Daily chart

Spot Rate: 1.3117

Daily High: 1.3122

Daily Low: 1.3098

Trend: Bullish

Resistance

R1: 1.3118 (trendline hurdle)

R2: 1.3178 (100-day moving average)

R3: 1.3204 (May 29 low)

Support

S1: 1.3064 (5-day moving average)

S2: 1.3046 (daily pivot S1)

S3: 1.30 (psychological support)

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