The British pound has fallen to yet another multi-year low against the US dollar, following the negative second-quarter GDP report from the UK economy. Dip-buyers may be looking to enter into GBPUSD slightly below the 1.2000 level as the pair is attractively priced. Overall, the key area to watch this week is the Brexit referendum spike, which is found just above the 1.1900 level.
The GBPUSD pair is bearish while trading below 1.2200, key support is found at the 1.1980 and 1.1940 levels. If the GBPUSD pair trades above the 1.2200 level, buyers may test towards the 1.2250 and 1.2310 levels.
@CHEA_Vandeth, if you look left we're trading into a small compression zone on the lower time frames (m30) . If we can get above the 1.21 i doubt we'll see 1.2060 for a while. For now we're in the 1.2050 - 1.2080 land of trading
CHEA_Vandeth
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@OctaFX_Official, that mean it would take a while more to see clear bound?
OctaFX_Official
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@CHEA_Vandeth, if you were to go down to the m30 time frame you should see where the previous highs and low swings are. If we get above 1.21000 we'll have made higher highs and higehr lows, which opens up the higher levels. Unfortunately there is a long sideways range that formed last week, so the probability still is that we end up trading in there again. A clear rejection of these current levels and we'll start targeting lower