The GBP/USD increased today and is fighting hard to take out a major static resistance, remains to see what will happen in the upcoming days. We may have a great trading opportunity, so you should keep an eye on the GBP/USD because you can catch an important move.
Has increased and has ignored the USDX’s minor increase, the index continues to be under selling pressure on the Daily chart, has failed to reach the 97.59 static resistance in the last week, is also trading below a very strong dynamic resistance. The USDX is moving sideways on the short term, the behavior could change if will start to make higher lows again, remains to see if this will be a distribution or an accumulation movement. The greenback will dominate the currency market only if the USDX will jump and will stabilize above the 97.59 static resistance.
The Pound increased even if the United Kingdom Rightmove HPI dropped by 0.4% in June, the indicator has come much below the 1.2% growth in the previous reporting period. The GBP/USD is trading in the green and maintains a bullish perspective on the short term after the failure to reach an important dynamic support.
Price continues to move sideways on the Daily chart, is pressuring the 1.2798 static resistance, we may have a buying opportunity if will close and will stabilize above the mentioned level. The major upside target remains at the upper median line (UML) of the major descending pitchfork, only another failure to reach this level will signal another larger drop.
Technically was somehow further after the failure to approach and reach the upper median line (UML) of the major descending pitchfork, but the bears weren’t strong enough to reach the first warning line (wl1) of the minor ascending pitchfork. I’ve said in the previous analyze that the rate could be attracted by the median line (ML) of the major descending pitchfork if the USDX will have enough energy to climb higher on the short term.
The sentiment will change only if we’ll have a valid breakout outside the major descending pitchfork, we’ll have to be patient to see what will happen.