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Forex News: GBPUSD set to move lower?

July 11, 2022
by Joseph Jeffriess, Market Analyst

Happy Monday, traders. We are looking at the GBPUSD today as price has started to show signs that a new lower test could be building.

Overall, prices remain in a downtrend, with plenty of LHs and LLs showing a normal pattern of trend. Looking at recent price action, we can see resistance remains in play at 1.2035. Since buyers made their last rally on the 7th, they have not been able to get past that level on the attempts. Today’s bar is mid-range, but sellers are now holding control after the USD set off a firm start to the new week.

Looking lower, we see minor support at 1.1915. Buyers so far have defended this level well since the first break on the 5th. A lot will come down to continued USD strength; if this remains, we will look for sellers to get back down and test support. A break and we could see confirmation that a new leg lower is getting underway.

A buyer move above resistance cancels out this idea.

GBPUSD D1 Chart

All times are AEST.