GBPUSD achieves good gains – Analysis - 16-07-2018

The GBPUSD pair continued its positive trading to end last week above 1.3226 level, hinting the price attempt to achieve more rise in the upcoming period, but we notice that stochastic shows clear overbought signals now, and the price still below the previously broken intraday bullish trend line, which turns into resistance now at 1.3320.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, waiting to surpass one of the above mentioned levels to detect the next targets clearly, noting that breaching 1.3320 resistance will lead the price to keep rising and target 1.3490 level as a next main station, while breaking 1.3229 support will push the price back to the bearish that its main targets located at 1.3080 and extend to 1.2962.

Expected trading range for today is between 1.3130 support and 1.3330 resistance.

Expected trend for today: Depends on the above mentioned levels