GBP competes strongly with the dollar 14/7/2023

The pound achieved all the bullish targets published during the previous report, reaching the official target station at 1.3110, recording its highest level at 1.3141 during today’s morning trading.

On the technical side today, with the continuation of positive stability above the 50-day simple moving average, in addition to the pair’s ability to confirm the breach of 1.3070.

Trading steadily above the previously breached resistance, which is currently transformed into the support level of 1.3070, and most importantly 1.3025. This encourages us to keep our positive expectation, knowing that the price’s consolidation above 1.3140 is a catalyst that extends the gains, so we are waiting to touch 1.3040 & 1.3180. The gains may extend later towards 1.3240 & 1.3280. .

Return of trading stability below 1.3025 postpones the chances of a rise, but does not cancel it, and we may witness a re-test of 1.2940 before attempts to bounce again.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “the preliminary reading of consumer confidence,” and we may witness high volatility during the news release.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.3025	R1: 1.3180
S2: 1.2930	R2: 1.3240
S3: 1.2870	R3: 1.3340