GBPUSD Technical Analysis – July 20, 2021

GBPUSD fell on Monday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.36700, and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 1.36900
  • Resistance level 2: 1.37400
  • Resistance level 3: 1.37750

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

  • Support level 1: 1.36300
  • Support level 2: 1.36000
  • Support level 3: 1.35600

On Friday, the United States will announce the Markit manufacturing PMI data. Higher data will indicate favourable to the US dollar, so it is negative for the GBPUSD currency pair, and vice versa.

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