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Double Top pattern could signal the end of July’s bullish trend – GBP/USD Market Outlook – 14/07/2020

SquaredFinancial

The Pound printed a Double Top pattern around the 1.2670 resistance level, signaling a possible reversal and the end of this month’s bullish trend, after Governor Bailey said that the BOE is very worried about jobs. Brexit uncertainty and risk-off sentiment in equities weighed on the Cable further pushing the pair towards a temporary support around the 50-period SMA. Earlier today, the UK released better-than-expected GDP and Manufacturing Production data, but the Sterling barely budged. If the bears were able to keep price depressed below the 1.2565 resistance, then further weakness towards the 200-period SMA and beyond will be on the cards.

Support: 1.25 / 1.2470
Resistance: 1.2565 / 1.2670

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/double-top-pattern-could-signal-the-end-of-julys-bullish-trend-gbp-usd-market-outlook-14-07-2020
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