09.07.202012:29 Forex Analysis & Reviews: Technical analysis of GBP/USD for July 09, 2020

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Overview:

In the four time frame, the GBP/USD pair continues to move in an uptrend from the level of 1.2531 since yesterday.

So, major support is seen at 1.2531, while immediate resistance is found at 1.2689. Besides, it should be noted that the first support (1.2598) coincides with the ratio of 61.8% Fibonacci Expansion.

Today, we guess that the pair will be traded higher in the early session and try to reach the first resistance at the level of 1.2689. The bias is neutral in the nearest term probably with a little bullish bias testing 1.2605 area which needs to be clearly broken to the upside to keep the bullish scenario strong.

A clear break above that area (1.2605 ) could lead the price to the neutral zone in the nearest term testing 1.2689.

Thus, we confirm the bullish scenario. However, the bullish trend is still expected for the upcoming hours as long as the price is above 1.2598 levels.

The market is still indicating a strong bullish trend from the area of 1.2598/1.2605.

Therefore, the price is expected to reach a high once again. It is rather gainful to buy at the area 1.2598/1.2605 with the targets at 1.2689 and 1.2812 in order to form the double top. So, it is recommended to place take profit at the price of 1.2812 this week.

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