Written By : ForexAbode.com || Monday, 29 June 2015 06:26 GMT

GBP/USD Analysis - June 29, 2015

Current Exchange Rate: 1.5713 at the time of analysis update.

Intraday outlook: Mildly bearish outlook for GBP/USD..

GBP/USD went as low as .1.5666 and in doing so it briefly broke below the expected support of 1.5667 support of the short bodied daily candle of June 25th. The break was only by 1 pips but it makes the short-term outlook bearish.

The only factor against an immediate decline is the psychological support of approaching 1.5500 ranges but the ongoing Greece crisis is expected to overweigh that.. On technical grounds the recent support also signified the support of 38.2% Fibonacci retracement level. Why stop at that, the 22-day EMA (monthly EMA was also in the picture near the same level.

Resistance is now expected in the range of 1.5734 to a.1545. If this resistance holds and a break below the recent 1.5666 takes place then we would expect further decline first towards 1.5620 and then possibly 1.5585.

 

GBP/USD Daily and Hourly Charts

GBP/USD Hourly Chart      

GBP/USD analysis - hourly chart - June 29, 2015

GBP/USD Daily Chart      

GBP/USD technical analysis - daily chart - June 29, 2015

GBPUSD trend lines - possibilities of the previous resistance to turn into support.

Further Resources and notes

Note 1: Please also take a look at GBP/USD forecast for mid-term trading approach updated on the weekends.

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GBP/USD Interest rate Comparison
(For Carry Trades)
Pound sterling (GBP) interest rate
0.50%
U.S. dollar (USD) interest rate
0.25%
GBP/USD interest Rate Comparison
0.25%

GBP/USD Resistance and Support with Daily Pivot Points (Values at GMT 00:00)

Last Updated (Tuesday, 30 June 2015 02:32) GMT

Standard Pivot Point for GBP/USD Fibonacci Pivot Point for GBP/USD Woodie Pivot Point for GBP/USD Camarilla Pivot Point for GBP/USD
R3 1.5894 R3 1.5841     R3 1.5763
R2 1.5841 R2 1.5801 R2 1.5841 R2 1.5753
R1 1.5788 R1 1.5776 R1 1.5787 R1 1.5744
Pivot 1.5735 Pivot 1.5735 Pivot 1.5735 Pivot 1.5735
S1 1.5682 S1 1.5695 S1 1.5681 S1 1.5724
S2 1.5629 S2 1.567 S2 1.5629 S2 1.5715
S3 1.5576 S3 1.5629     S3 1.5705
Open 1.5689 Open 1.5689 Open 1.5689 Open 1.5689
High 1.5789 High 1.5789 High 1.5789 High 1.5789
Low 1.5683 Low 1.5683 Low 1.5683 Low 1.5683
Close 1.5734 Close 1.5734 Close 1.5734 Close 1.5734

GBP/USD's Correlations with other currency majors

GBP/USD Correlation Values:
 
GBP/USD
P
e
r
i
o
d
G
B
P
/
U
S
D
AUD
/USD
EUR
/CHF
EUR
/GBP
EUR
/JPY
EUR
/USD
NZD
/USD
USD
/CAD
USD
/CHF
USD
/JPY
1
W
e
e
k
1 0.61 0.58 0.26 0.47 0.77 0.26 -0.77 -0.51 0.25
1
M
o
n
t
h
1 -0.81 -0.81 -0.82 0.17 0.36 0.64 -0.76 -0.57 -0.21
1
Y
e
a
r
1 0.28 -0.81 -0.94 0.85 0.9 0.88 0.65 -0.94 0.69

GBP/USD Correlation Graph:
 
0.61
   
0.28
   
 
0.58
   
-0.81
   
 
0.26
   
-0.94
   
 
0.47
   
0.85
   
 
0.77
   
0.9
   
 
0.26
   
0.88
   
 
-0.77
   
0.65
   
 
-0.51
   
-0.94
   
 
0.25
   
0.69
   
   
0.61
   
0.28
 
   
0.58
   
0.81
 
   
0.26
   
0.94
 
   
0.47
   
0.85
 
   
0.77
   
0.9
 
   
0.26
   
0.88
 
   
0.77
   
0.65
 
   
0.51
   
0.94
 
   
0.25
   
0.69

Notes and caution about Forex analysis for GBP/USD

The daily GBP/USD analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and GBP/USD price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for GBP/USD.

However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.

Please check the current GBP/USD Exchange Rate.

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