GBPUSD is stuck in a tight intra-day range between 1.5707 and 1.5766 as it struggles to gain momentum. The intra-day bias is neutral with as RSI showing a gradual shift higher above 50 and the stochastics showing signs of bottoming out before approaching 20.
Support would be provided by the kijun-sen line around 1.5549 if cable reversed and headed lower, while resistance would come at 1.5929, which is the June 18 peak.
The outlook in the medium-term remains bullish. The 50-day moving average recently crossed above the 100-day moving average and is moving closer to crossing above the 200-day moving average. More positive signals can be seen from the Ichimoku cloud with the tenkan-sen line back above the kijun-sen line and prices trading above both the Ichimoku cloud and the moving averages.
Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.