Technical analysis of GBP/USD for August 01, 2018
The GBP/USD pair is still trading around the spot of the pivot point (1.3115). The GBP/USD pair is in the bullish trend from the support levels of 1.3056 and 1.3115. The price is currently in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.3115, which coincides with daily pivot point. Consequently, the first support is set at the level of 1.3115. So, the market is likely to show signs of a bullish trend around the spot of 1.3115. In other words, buy orders are recommended above the pivot (1.3115) with the first target at the level of 1.3209. Furthermore, if the trend is able to break out through the first resistance level of 1.3209. We should see the pair climbing towards the double top (1.3362) to test it in the long term. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.3056.