GBPUSD: The pair continues to retain its upside pressure leaving risk of more strength on the cards in the days ahead. Support lies at the 1.3100 level where a break will turn attention to the 1.3050 level. Further down, support lies at the 1.3000 level. Below here will set the stage for more weakness towards the 1.2950 level. Conversely, resistance stands at the 1.3200 levels with a turn above here allowing more strength to build up towards the 1.3250 level. Further out, resistance resides at the 1.3300 level followed by the 1.3350 level. On the whole, GBPUSD remains biased to upside on correction.
http://www.fxtechstrategy.com/wp-content/uploads/2018/07/GBPUSDDaily-3.pngSure, I can dig that... until the Brexit drama comes crashing down on their heads and they wake up to the mess they're in. I think the pound is doomed mid-long term and they've all got their fingers in their ears singing "lalala" until it happens. Britain has been printing one terrible reading after another, and their data is finally starting to show that they've got no real exit anymore. Or maybe they'll backtrack on it, come out kicking and screaming, and sign a few free trade agreements just to save face. It's all a matter of time now.
But this is a good one because the USD is running out of steam and is looking for a good reason to weaken.
Short GBP/AUD. I see short-term upside potential, long-term downside potential.
