GBPUSD Daily Outlook 30-06-20 – On Monday we found out that the US pending home sales jumped a record 44.3% in May, China is about to impose tit-for-tat visa restrictions on US officials over Hong Kong, and Canadian Industrial Product Price Index rose 1.2% in May.
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On Tuesday we’ll be eyeing the UK GDP, Euro area’s Core inflation rate for June, and the US consumer confidence.
Today I’m looking at the GBP/USD pair which just hit the upper band of the Ichimoku cloud on the daily chart which is acting as a support after days of losses. The Kijun line has crossed below the Tenkan line as a bearish indication and the next support is at 1.22 which is the 61% Fibonacci retracement level.
If based on Tuesday’s events the pair is able to break below the cloud, that would further strengthen our medium-term bearish outlook.
Do you think the current support will hold the pair from further drops? Head over to the comments section and let me know.
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