GBP/USD Intraday Keeps Bullish Trend-line Intact
Ming Lam July 2, 2020 1:26 PM
The Cable has been boosted by upbeat comments by central bank officials...
Overnight, the British pound advanced 0.6% to $1.2477. The Cable has been boosted by upbeat comments by central bank officials.
Earlier this week, Bank of England Chief Economist Andy Haldane pointed out that the recovery in Britain looks V-shaped.
Yesterday, Jonathan Haskel, a BOE monetary policy committee member, said the second quarter as a whole will not be quite as negative as expected.
Meanwhile, such optimism on economic recovery has been quenched a bit by Gita Gopinath, chief economist of the International Monetary Fund (IMF). In a discussion with the House of Commons Treasury Committee, she suggested: "I think we could end up with something much more flat. (...) It's a little too early at this point to project what the rest of that path would look like."
On an Intraday 30-minute Chart, GBP/USD has confirmed a Bullish Pattern of Higher Highs.
Source: GAIN Capital, TradingView
In fact, a rising trend line drawn from June 30 remains intact.
GBP/USD keeps trading at levels around the ascending 20-period moving average, which stands above the 50-period one
The trailing key support has been raised to 1.2435 (the 50-period moving average).
Unless this level is breached, GBP/USD is expected to advance toward 1.2510 (a price base seen in June 23-24) and 1.2545 (around the high of June 24).
Alternatively, a return to 1.2435 would open a path toward the next downside support 1.2390.
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.