Written By : ForexAbode.com || Friday, 17 July 2015 06:25 GMT

GBP/USD Analysis - July 17, 2015

Current Exchange Rate: 1.5616 at the time of analysis update.

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

GBP/USD tried to move up after getting support over 200-day moving average during past 7 trading days but past 3 days price action is clearly indicating the fear for the upward moves. first a resistance at 1.5675 and then a failure to retest it when the pair failed at 1.5673. 

We remain in favor for further decline. 

On the upside, resistance is expected at or below 1.5660 and with that resistance in place we expect a decline first towards 1.5550. Any break below 1.5535 should extend the decline towards 1.5570.

Please also note that the currency pair has already completed 61.8% Fibonacci retracement level and that too indicates the possibilities for the decline to resume.

 

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 17, 2015

GBP/USD Daily Chart      

GBP/USD technical analysis - daily chart - July 17, 2015

GBPUSD completes 61.8% retracement level.

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, 17 July 2015 03:32) 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 1.5743 R3 1.5696     R3 1.5634
R2 1.5696 R2 1.5662 R2 1.5697 R2 1.5626
R1 1.5653 R1 1.5641 R1 1.5654 R1 1.5617
Pivot 1.5606 Pivot 1.5606 Pivot 1.5607 Pivot 1.5606
S1 1.5563 S1 1.5572 S1 1.5564 S1 1.5601
S2 1.5516 S2 1.5551 S2 1.5517 S2 1.5593
S3 1.5473 S3 1.5516     S3 1.5584
Open 1.5626 Open 1.5626 Open 1.5626 Open 1.5626
High 1.5650 High 1.5650 High 1.5650 High 1.5650
Low 1.5560 Low 1.5560 Low 1.5560 Low 1.5560
Close 1.5609 Close 1.5609 Close 1.5609 Close 1.5609

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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