Written By : ForexAbode.com || Thursday, 02 July 2015 05:43 GMT

GBP/USD Analysis - July 02, 2015

Current Exchange Rate: 1.5602 at the time of analysis update.

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

GBP/USD moved the way we had indicated yesterday but fell short off achiving the first target of 1.5570 by 11 pips. The low was 1.5581. We stay bearish for the pair and expect a resistance at or below 1.5650. This resistance is derived from the high of the recent sideways moves (please check 4-hourly chart) and also the 38.2% retracement support, which is now expected to be a resistance.

With the above resistances in place, the next expected target is 1.5560 where the combined support of the 50% retracement level and the 55-day EMA will come into the picture. Not only that but the approaching psychological level of 1.5500 will also be expected to play a very important role.

 

Do also check all updates of GBP/USD analysis and outlook.

 

GBP/USD Daily and Hourly Charts

GBP/USD Hourly Chart      

GBP/USD analysis - hourly chart - July 02, 2015

GBP/USD Daily Chart      

GBP/USD technical analysis - daily chart - July 02, 2015

GBPUSD heading for the second level of Fibonacci 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.

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 (Friday, 03 July 2015 01:58) 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 1.5725 R3 1.5682     R3 1.5638
R2 1.5682 R2 1.5654 R2 1.5685 R2 1.5631
R1 1.565 R1 1.5636 R1 1.5655 R1 1.5624
Pivot 1.5607 Pivot 1.5607 Pivot 1.561 Pivot 1.5607
S1 1.5575 S1 1.5579 S1 1.558 S1 1.561
S2 1.5532 S2 1.5561 S2 1.5535 S2 1.5603
S3 1.55 S3 1.5532     S3 1.5596
Open 1.5603 Open 1.5603 Open 1.5603 Open 1.5603
High 1.5640 High 1.5640 High 1.5640 High 1.5640
Low 1.5565 Low 1.5565 Low 1.5565 Low 1.5565
Close 1.5617 Close 1.5617 Close 1.5617 Close 1.5617

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.

Check any Real-Time GBP/USD Trades in Forum.

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