Written By : ForexAbode.com || Wednesday, 01 July 2015 04:57 GMT

GBP/USD Analysis - July 01, 2015

Current Exchange Rate: 1.5647 at the time of analysis update.

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

GBP/USD is once again testing the 38.2% retracement level support of the upward move during June 2nd to June 18th. This recent support had come slightly over this level but the recent price-action is currently touching it and we expect a break of the support. 

On the upside resistance is expected at or below 1.5675 and if this resistance holds the we would expect further decline towards, first towards 1.5570 to 1.5560 range (50% retracement support) and then possibly to 1.5530.

 

GBP/USD Daily and Hourly Charts

GBP/USD Hourly Chart      

GBP/USD analysis - hourly chart - July 01, 2015

GBP/USD Daily Chart      

GBP/USD technical analysis - daily chart - July 01, 2015

gbpusd testing the first level of fib support again

Further Resources and notes

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

Note 2: Please subscribe to the analysis newsletter so that we can send email alerts as soon as we update the the same.

You may also share and check any GBP/USD chart alerts in the blog section and GBP/USD market sentiments in Forex forum and Forex blog.

 
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 (Thursday, 02 July 2015 05:26) 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 1.5842 R3 1.5788     R3 1.5644
R2 1.5788 R2 1.5732 R2 1.5779 R2 1.5631
R1 1.5696 R1 1.5698 R1 1.5677 R1 1.5617
Pivot 1.5642 Pivot 1.5642 Pivot 1.5633 Pivot 1.5642
S1 1.555 S1 1.5586 S1 1.5531 S1 1.5591
S2 1.5496 S2 1.5552 S2 1.5487 S2 1.5577
S3 1.5404 S3 1.5496     S3 1.5564
Open 1.5685 Open 1.5685 Open 1.5685 Open 1.5685
High 1.5734 High 1.5734 High 1.5734 High 1.5734
Low 1.5588 Low 1.5588 Low 1.5588 Low 1.5588
Close 1.5604 Close 1.5604 Close 1.5604 Close 1.5604

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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