🔍 Technical Overview
Support Levels:
• 1.3700–1.3710: Round number and intraday support.
• 1.3670: Weekly low support.
• 1.3600: 50-day EMA and medium-term floor.
Resistance Levels:
• 1.3747: Last week’s high.
• 1.3855: Projected resistance zone for the next bullish leg.
• 1.3900: Long-term target if uptrend continues.
Indicators:
• Price is above the 50- and 100-day EMAs, affirming bullish momentum.
• RSI elevated but not overbought, indicating strong momentum.
📰 Fundamental Highlights
U.S. Dollar Weakness: Persistent U.S. fiscal and policy uncertainty has weighed on the dollar, boosting GBP/USD.
UK Outlook: The pound has strengthened as robust UK Q2 growth and trade developments enhance market sentiment.
Technical Momentum: The pair is in a clear uptrend, supported by both technical patterns and fundamental factors.
📌 Weekly Outlook & Strategy
🔼 Bullish Scenario:
• Buy on dips near 1.3700–1.3710, targeting 1.3747, then 1.3855.
• A breakout above 1.3747 could pave the way toward 1.3850–1.3900.
🔽 Bearish Scenario:
• A decline below 1.3700 poses a risk of a deeper retracement to 1.3670, followed by the 1.3600 trendline.
• Failure below 1.3600 would signal a pause in the current uptrend.