Today’s Forex Signal July 7th
GBPUSD – Looking set for another attack to the upside
After forming a Kumo break on the daily charts, the pair tested the flat top 2x and has launched since then. Even though it has struggled at the 1.5200 level, the pair has found triple bottom support just below 1.5100 which is the 38.2% retracement of the 1.4860 – 1.5200 move, but also houses the 38.2% retracement of the 1.6500 – 1.4239 move at 1.5090 so its acting as a double support for the pair and has propped up the pair for the last 3 days with ease.
Considering the pair has gained 4 out of the last 5 days and easily held above the flat top Kumo – we expect further gains up to 1.5351 which is the 50% retracement of this massive down swing from 1.6500 – 1.4239.
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