Technical Analysis: GBPUSD

GBPUSD reached a half-a-month high

On Wednesday, as the USDX fell and UK economic data was strong, GBPUSD climbed. It reached 1.2777 at one point, which marked the highest level since the 14^th June.

US economic data was weak

US ADP Employment Change (June) fell to 150,000, which marked the lowest level since January 2024, according to the data from the Automatic Data Procession.

US Initial Jobless Claims (during the week ending on the 29^th June) was 238,000 Vs. 235,000 (forecast), according to the data from the US Department of Labor.

US ISM Non-Manufacturing PMI (June) was 48.8 Vs. 52.5 (forecast), the Institute for Supply Management said. This figure marked the lowest level since May 2020.

US economic data was better than expected

UK Services PMI (June) was 52.1 Vs. 52.1 (forecast), and UK PMI (June) was 52.7 Vs. 51.7 (forecast), according to the data from Markit.

Technically speaking, the bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, GBPUSD climbed steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing GBPUSD will rise further. Investors should focus on whether GBPUSD will break through the resistance at 1.280. It will jump further with potential resistance at 1.286 if it breaks above 1.280.

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, MACD 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 1.271. It will rise further if it retreats but is stable above 1.271.

Key resistance: 1.280,1.286

Key support: 1.271,1.266

Generally speaking, boosted by positive factors, GBPUSD is more likely to rise further in the short term.