The British pound has surged in today's North American session. GBP/USD has jumped a massive 1.20% on the day and is trading at 1.2218.
The economic calendar is very light on both sides of the pond today, but that didn't matter as today's US inflation report has sent the US dollar on a nasty slide. The July data saw both the headline and core readings come in...
Long Trade Idea for GBPUSD. We have arrived at the edge of the diagonal bearish trend-line going back as far as early 2018. If we break here it will be the start of a new bullish trend with more dollar weakening to be expected in the medium to long term. Initial bullish targets will be at the Monthly R1 @ 1.336 with a medium a term target closer to the Monthly R2...
On a 4 hour time frame - the GBPUSD looks as tho it has just completed its right shoulder ....
It looks like this pair will move lower. Comment if you have any suggestions or extra analysis you want to add.
