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GBP/USD could peep above 1.33 again

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.3303, 1.3341, 1.34

Support – 1.3226, 1.3119, 1.30

  • The inverted hammer candle formation on the daily chart following a two-day sideways move indicates the pair could head higher to 1.3341 levels. A violation there would expose 1.34
  • On the other hand, a breakdown of support at 1.3226 (June 24 low) could yield 1.3119 (June 27 low).
  • Day end closing below 1.3119 would mean the corrective rally has ended and the larger downtrend has resumed, thus opening doors for 1.29 handle.
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