060720 GBPUSD

Close-up of Union Jack flag

This Monday, the June UK PMI construction index is expected. A reading of 47 is foretasted vs 28.9 in May. 


From a technical point of view, on a daily chart, the GBP/USD is still contained by a key resistance at 1.2540, which caps gains since Mid-June. As long as this level is not surpassed, readers may therefore consider the potential for a new down leg. The nearest support would be set at 1.2245 (end of June support) and a second one would be set at 1.2060 (May support) in extension.

Chart analysis of Pound Sterling(GBP) to US Dollar(USD). Published in July 2020 by FOREX.com

Source : TradingVIEW, Gain Capital

Related tags: Forex Forex GBP

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