Technical Analysis: GBPUSD

GBPUSD rose to a one-week high

On Monday, in Asian session, GBPUSD rose steadily. At one point, it broke above the 1.346 mark and reached a one-week high.

UK Manufacturing Production was better than expected month on month in April

UK Manufacturing Production, m/m (April) fell from 1.2% to 0.4% Vs. -0.2% (forecast), according to the data from the Office for National Statistics.

The US and Iran reached a peace agreement

The US President Trump announced on 14^th June local time that a ceasefire agreement with Iran had been agreed upon, and that the Strait of Hormuz will reopen for shipping, and that naval blockage will be lifted.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, GBPUSD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that GBPUSD will climb further. Investors should focus on whether GBPUSD will break through the resistance at 1.351. It will climb with potential resistance at 1.360 if it breaks above 1.351.

4-hour chart

On the 4-hour chart, 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 the market trend is bullish. Investors should focus on whether GBPUSD will break through the support at 1.342. It will jump if it retreats but is stable above 1.342.

Key resistance: 1.351,1.360

Key support: 1.342,1.338

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as GBPUSD retreats during the day.