GBPUSD Range Theme, but Underlying Bull Bias
A dip and a bounce to maintain range phase that has dominated since mid-July and leave a consolidation theme for early August.
However, the early July push through resistances from June and the rally from our 1.5327 retrace support, leaves an upside risk into August.
For Today: We see a neutral tone between 1.5525 and 1.5650 (with a positive bias).
Break above 1.5650 aims for 1.5681, maybe 1.5734, which we would look to try to cap.
Break below 1.5525 aims for 1.5464, which we would look to try to hold.
Short/ Intermediate-term Outlook – Upside Risks:
We see a bullish rebound bias for 1.5671/76 and 1.5789.
Threat above is then to 1.5930, 1.6000 and 1.6182/88.
Overshoot threat closer to 1.6525.
What Changes This? Below 1.5169 signals a neutral tone, only shifting negative below 1.5087.
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2 Hour GBPUSD Chart
Daily GBPUSD Chart