Price: 1.0691

Bias: While 1.0654 holds I feel we shall soon see a break above 1.0699 to reach 1.0760 minimum

Daily Bullish:

The low at 1.0622 was just 1 pip below yesterday's lower target and this should mean today is an up-day. So far we have seen a move to 1.0699 but while 1.0654 supports I feel this will break and extend gains to 1.0760 at least. Take care there as there is a strong risk of a pullback from this area. However, while GBPUSD has not reached its support at 1.6321-56 I feel the stronger risk is still for a move to a new high between 1.0789 and 1.0844. A bearish reversal pattern in that area should trigger the eventual move back lower.

MT Bullish:

21st July: We are still in a downward structure and this does have risk currently of seeing 1.0623-45 but should be followed by a correction to as high as 1.0840-84. Only a break above this area would imply a retest of the 1.0938-55 highs.

Daily Bearish:

There will be further lows in time but I feel we shall get better selling levels. We'll have to match this with an expected low in GBPUSD around 1.6321-56. Overall I feel today there should be an opportunity for a correction lower from 1.0760. However, beyond that I feel we need to look in the broad 1.0789-1.0844 range for a bearish reversal pattern though this is likely to come late in the day and possibly even tomorrow. Only an earlier break below 1.0645-54 would mean a more direct attack on the 1.0622 low and breach would extend to 1.0590 and eventually 1.0527 & 1.0488.

MT Bearish:

22nd July: We are almost at the end of the corrective move lower and probably from the 1.0789-1.0844 range we should see a final move lower to 1.0590 at least. We'll have to see how this develops. Below 1.0590 would imply 1.0527 at least and possibly 1.0488.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.