Cable Technical Forecast For July 12-17

The last candle from the previous week is strongly bullish which refers to more bull moves. The expected bearish was rejected by April support at 1.3750. The cable is moving sideways now which is 1.4250 to 1.3730 correction.

DXY was closed at lower and possible retrace will occur to bears power. From the market sentiment data there are sell pressures that could lead the market to buy which is very important to take note for traders.

Starting Monday there will likely be bears closing but the day will be more bullish until it rises to 1.4000. If it breaks then the rally could go to 1.4200 which is strong resistance.
On Monday there is high impact news such as CPI m/m which will cause more volatility for USD related all pairs. Also upcoming economic data such as inflation will cause more movements to the market.




GBPUSD Daily Chart

Weekly GBP/USD

GBPUSD Weekly Chart

Possible Wave: Bullish
Key Support Level: 1.3750
Key Resistance Level 1.4000

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