GBPUSD Technical Analysis – July 22, 2021

GBPUSD rose on Wednesday, and the technical bias is bullish due to higher highs in the recent downtrend.

The pair is currently trading near 1.37013, and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 1.37300
  • Resistance level 2: 1.37600
  • Resistance level 3: 1.38000

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

  • Support level 1: 1.36780
  • Support level 2: 1.36400
  • Support level 3: 1.36050

Next Thursday, the Federal Reserve will announce the latest interest rate resolution. The expectation of a rate hike indicates that it is beneficial 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 buy the GBPUSD currency pair near the current level.