so the most likely GBP scenario is bullish until mid august purely because of the expected FED cut for US, driving DXY to support levels. we still need to however push down to the 1.2000 level, we are way too oversold for GBP so a push up is expected especially with the rate cut as the main driving factor
we should target the1.2800 handle which is also in line with the 25 EMA which is a nice resistance level on the weekly chart. before a huge drop again due to growing Brexit uncertainties which should take us down to 1.2000 key psychological level which is due a retest.
the next target is the 1.2640 level. all arrows indicated in the charts show expected moves for the british pound over the course of the next few weeks.
we should target the1.2800 handle which is also in line with the 25 EMA which is a nice resistance level on the weekly chart. before a huge drop again due to growing Brexit uncertainties which should take us down to 1.2000 key psychological level which is due a retest.
the next target is the 1.2640 level. all arrows indicated in the charts show expected moves for the british pound over the course of the next few weeks.