FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, maintains a bullish tone in GBP/USD, looking to get long in buy support zone around 1.7060 - 1.6975.



Key Quotes



The cable consolidated over the last few days near the highs forming a daily pin bar on Thursday, then chopping around on Friday which was a low volume day due to the July 4th holiday and US markets being closed. The daily pin bar shows buyers are still in control and willing to buy dips intra-day even at such high prices. This all paints a picture of the pair climbing higher in the coming week.



For now, we are maintaining a bullish bias and will look to get long in our buy support zone around 1.7060 - 1.6975. Upside targets would be the 1.7160 current highs, and an eventual move to 1.7250 and 1.7475.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    A Fundamental Push for Key EURUSD, GBPUSD and USDJPY Levels?

  2. Forex News

    EURUSD and GBPUSD Will Decide Make-or-Break In Holiday Trading Conditions

  3. Forex News

    FX: CFTC Commitments of Traders Report - TDS

  4. Forex News

    GBP/USD bulls need to catch their breath

  5. Forex News

    GBP/USD lid turn tighter on Yellen and dollar strength

Trading Center