Technical Analysis: GBPUSD

GBPUSD reached a two-month high

On Tuesday, GBPUSD continued rising. At one point, it reached a two-month high of 1.3671.

The USDX fell to a ten-week low

On Tuesday, as the Fed was expected to cut the interest rate, the USDX fell to a ten-week low. It ended down 0.71% at 96.65.

UK unemployment rate met expectations

UK ILO Unemployment Rate (during the three months ending in July) was kept unchanged at 4.7%, meeting market expectations, according to the data from the ONS (Office for National Statistics).

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, GBPUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that GBPUSD will rise further. Investors should focus on whether GBPUSD will break through the resistance at 1.370. It will jump with potential resistance at 1.379 if it breaks above 1.370.

4-hour chart

On the 4-hour chart, GBPUSD was prone to fluctuation and climbed in the short term. The bullish market trend prevailed. In terms of technical indicators, RSI went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether GBPUSD will break through the support at 1.362. It will climb if it retreats but is stable above 1.362.

Key resistance: 1.370,1.379

Key support: 1.362,1.355

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on the Fed interest rate decision during the day.