GBP/USD moves towards the 200-hour moving average now
This after price rebounded off the 9 July low @ 1.3190, giving a bit of a hint of a double-bottom pattern in the pair. The range for the day remains relatively narrow though, only within 30 pips still.
Trading today has been relatively subdued for the most part, but expect things to heat up for sterling later when the Brexit white paper is released. It's going to take quite a bit of time to digest it so be wary that the initial market reaction may not necessarily be the right one. The devil is always in the details when it comes to things like this.
There is no specific time for the release, so keep your eyes and ears peeled.
As for GBP/USD, what are the levels to watch out for?
Near-term topside levels can be defined as above and also at the 1.3250 handle and the 100-hour MA (red line) @ 1.3259. Further upside resistance is seen near 1.3290 and offers sit at the 1.3300 handle. Beyond that, the 1.3350 handle remains a key resistance level as well.
As for downside levels, look out for support at 1.3190 firstly followed by further support at 1.3170 (4 July low) and around the 1.3150 levels. Beyond that the next relevant support is seen near the 1.3100 handle and the key support being at 1.3055 (where this year's low tested) as seen in the daily chart:
