GBP/USD: Trade ideas for July 30
The GBPUSD is trying to form a bearish pattern below the ressitance level of 1.6965 as the next target for the pair in the bearish road is the support level of 1.6903. We must remember that the GBPUSD made a bullish retracement to the 1.6996 level, so the pair started falling and hitting new low-levels in recent weeks.
If the pair manages to make a breakout in the support level of 1.6903, next target would be the level of 1.6824. Furthermore, we recommend caution when placing buy orders currently on the GBPUSD, as this pair has shown no signs of a trend-change. The CCI indicator is pointing upward and remains above the -100 level.
Trading recommendations: Hold your short positions in the GBPUSD to the support level of 1.6824, but it's recommended to close some positions at the 1.6903 level.