GBPUSD challenging key resistance
Gary Christie July 20, 2020 4:58 PM
Will the GBP/USD break resistance to start a new uptrend?
The US Dollar was bearish against most of its major pairs on Monday with the exception of the CHF and JPY.
On the economic data front, no major economic data was released.
On Tuesday, the Federal Reserve Bank of Chicago's National Activity Index for June is expected to jump to 4.00 on month, from 2.61 in May.
The Euro was bearish against most of its major pairs with the exception of the CHF, JPY and USD. In Europe, European Central Bank has reported the Eurozone's May current account at 8.0 billion euros surplus (vs 14.4 billion euros surplus in April). German June PPI was released at 0.0%, vs 0.2% expected.
The Australian dollar was bullish against most of its major pairs with the exception of the CAD and GBP.
Looking at big gainers on the day, the GBP/USD jumped 87 pips to 1.2655. The pair has rebounded quite nicely since breaking above a falling wedge bullish reversal pattern at the beginning of the month. Will we see a push to test June highs after the most recent break above a symmetrical triangle continuation pattern? Key resistance is set at 1.267. A break above 1.267 could open a path towards 1.275 and 1.28 in extension.
Source: GAIN Capital, TradingView
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