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26 Jul 2018
GBP/USD Technical Analysis: Sterling bulls seize the 1.32 key level
- The Sterling is on the bullish side after capturing the 1.32 major handle following a sip in the US Dollar thanks to positive trade talks between the US' President Trump and the European Union's Jean-Claude Juncker.
- Higher timeframes still sees the GBP/USD in a long-term downtrend until bulls can push the major pair into a new pattern of higher lows, which has yet to materialize on the Daily candles.
- Upside could prove to be limited despite this week's bullish continuation.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.3200 |
| Relative change: | 0.09% |
| High: | 1.3212 |
| Low: | 1.3181 |
| Trend: | Bullish |
| Support 1: | 1.3132 (previous day low) |
| Support 2: | 1.3070 (current week low) |
| Support 3: | 1.2956 (previous week low) |
| Resistance 1: | 1.3266 (July 17th swing high) |
| Resistance 2: | 1.3292 (previous week high) |
| Resistance 3: | 1.3361 (one month high) |