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GBP/USD Price Analysis: Stills bearish on buyers failure at 1.2220

  • GBP/USD extends its gains to two straight weeks, gains some 1.49%.
  • From the daily chart perspective, the GBP/USD continues to be downward biased, facing solid resistance around 1.2200.
  • GBP/USD Price Analysis: Unless buyers reclaim 1.2245, the pair remains tilted downwards.

The British pound finished the week on the proper foot and recorded its second consecutive week in the green; it printed solid gains of just one 1.49%, amidst an upbeat market mood, portrayed by US equities closing higher on Friday. In the FX space, the GBP/USD is trading at 1.2170, 0.05% down, through the UNITED STATES session.

GBP/USD Price Analysis: Technical outlook

The GBP/USD continues to be neutral-to-downward biased, trapped within the 50 and 20-day EMAs, as depicted by the daily chart. Worth noting that earlier in the European session, GBP/USD buyers broke above the 50-day EMA but cannot contain the fort, and the pound tumbled towards and hit its daily low at 1.2062 before rebounding towards current prices.

If GBP/USD buyers desire to regain control, they need to reclaim 1.2300; otherwise, sellers stay in charge.

GBP/USD 1-hour chart

In the near term, the GBP/USD is neutral-upwards biased. Since July 14, after reaching an everyday low at 1.1759, the major began trending higher, inside a 200-pip width ascending channel, which put a lid on Fridays rally around 1.2245, right near the top of the channel. Despite the fact that the GBP/USD plunged towards 1.2065, the S1 pivot point cable recovered some ground and is trading above the confluence of all hourly EMAs and the daily pivot.

Therefore, the GBP/USD first resistance will be the R1 daily pivot at 1.2210. Break above will expose the top-trendline of the ascending channel around 1.2245, accompanied by the 1.2300 figure. On the other hand, if the GBP/USD falls below the ascending channel mid-line around 1.2150, it’ll send the pair sliding towards the bottom-trendline of the channel at around 1.2050-60.

GBP/USD Key Technical Levels

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