Technical analysis of GBP/USD for July 04, 2016

Overview:

The GBP/USD pair is not making any significant movements this morning. The bias remains bearish in the nearest term testing 1.3120 or lower. Immediate support is seen around 1.3217. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 1.3120 or 1.3080, because in general, we remain bearish on July 4th, 2016. Yesterday, the market opened from its bottom at 1.3247 and continued to rise towards the top of 1.3302. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.3327 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 1.3327 (the level of 1.3327 coincides with tha ratio of 50% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.3307 with the first target at 1.3120 so as to test the double bottom. If the trend breaks the double bottom level of 1.3120, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.3080 in order to test the weekly support 1.

Technical levels
:

R3: 1.3906
R2: 1.3720
R1: 1.3493
PP: 1.3307
S1: 1.3080
S2: 1.2894
S3: 1.2667

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