GBP/USD: Weekly Technical forecast and analysis
In this article, we’ll detail GBPUSD Weekly Technical Forecast for July 4th – 8th. In case GBP/USD confirms 1.2000 (static level, psychological level) as resistance, it is likely to test the 26-month low it set at 1.1933 earlier in the month. With a daily close below that level, further losses toward 1.1800 (psychological level) and 1.1760 (static level from March 2020) could be witnessed.
On the upside, 1.2100 (psychological level) aligns as initial resistance before 1.2200 (psychological level, static level) and 1.2270 (20-day SMA).
In the meantime, the pair is yet to turn technically oversold with the Relative Strength Index (RSI) indicator on the daily chart holding above 30. Confirming the near-term bearish outlook, the descending trend line coming from late April stays intact.
GBP/USD: Sentiment poll
Despite this week’s bearish action, the FXStreet Forecast Poll shows that half of the polled experts see GBP/USD staging a rebound next week. The one-month outlook remains overwhelmingly bullish with the average target sitting at 1.2286.
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