GBPUSD Technical Analysis – July 12, 2021

GBPUSD rose on Friday, as the technical bias is bullish due to higher highs in the recent volatility trend.

The pair is currently trading near 1.38980 and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 1.39300
  • Resistance level 2: 1.39650
  • Resistance level 3: 1.40050

Below the price, multiple support levels can be seen which may prevent the price from falling.

  • Support level 1: 1.38620
  • Support level 2: 1.38370
  • Support level 3: 1.38160

On Tuesday, the United States will release the June inflation data. Higher data will indicate that favorable to the US dollar, so it is negative for the GBPUSD currency pair, and vice versa.

Looking at the current price trend, it may be a good trading choice to buy the GBPUSD currency pair near the current level.