GBP/USD Price Analysis: Buyers and sellers clash around the 1.2700 figure, though upward bias expected

GBP/USD Price Analysis: Buyers and sellers clash around the 1.2700 figure, though upward bias expected

Time Stamp: July 3, 2023 7:40 PM
Source Node: 2747326

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  • GBP/USD remains in the 1.2690s range, showing a neutral to an upward bias in technical analysis.
  • Daily EMAs indicate a potential bullish continuation, with resistance levels at 1.2728, 1.2750, and 1.2800.
  • Downside pressure if GBP/USD fails to reclaim 1.2700, with support levels at 1.2590, 1.2561, and 1.2500.

GBP/USD stays at around the 1.2690s area as the Tuesday Asian session gains; after trading within a 70-pip range on Monday, the pair seesawing around the 1.2658/1.2722 daily high-low. At the time of writing, the GBP/USD exchanges hands at 1.2692.

GBP/USD Price Analysis: Technical outlook

From a daily chart perspective, the GBP/USD remains neutral to upward biased, though Monday’s price action formed a spinning top, meaning indecision surrounding the pair. However, a bullish continuation is expected as the daily Exponential Moving Averages (EMAs) lie below the current exchange rates.

Therefore, the GBP/USD first resistance would be June 30 daily high at 1.2728, followed by the 1.2750 psychological level. Once cleared, the next resistance would be 1.2800, ahead of challenging the year-to-date (YTD) high of 1.2848.

Nonetheless, further downside is expected if GBP/USD fails to reclaim 1.2700 and drops past the 20-day EMA at 1.2657. The GBP/USD next support would be the June 29 daily low of 1.2590, followed by the 50-day EMA at 1.2561 and the 1.2500 figure.

GBP/USD Price Action – Daily chart

GBP/USD Daily chart

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