GBPUSD Daily Forecast Aug 04 2017

GBPUSD: Pulls Back With Caution!

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GBPUSD: Pulls Back With Caution!

Outlook in GBPUSD has turned neutral with risk to the upside, support comes at the 1.3111 levels while resistance comes at the 1.3245 levels, a halt is likely and it may turn lower from here, however’ a break through that level will extend gains to the 1.3443 levels, further upside, resistance stands at the 1.3658 levels.

On the downside, support stands at the 1.3111 levels, a failure to hold below that level on a daily closing basis could mean a return to the 1,3245 levels, anyway, below the 1.3111 levels will extend the corrective pullback towards the 1.3066/1-3000 levels, next support comes at the 1.2933 levels…

conclusion: the GBPUSD continues to face upside threats above the 1.3111 levels…

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