FX.co ★ Technical analysis of GBP/USD for June 29, 2016

GBP/USD is expected to trade with bearish bias as the key resistance stands at 1.3525. The pair remains under pressure below its nearest horizontal resistance at 1.3525, which maintains the strong selling pressure. Besides, the relative strength index lacks upward momentum. To conclude, as long as 1.3525 holds on the upside, the intraday outlook remains negative with targets at 1.3270 and 1.3120 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 1.3270. A break below this target will move the pair further downwards to 1.305. The pivot point stands at 1.3525. In case the price moves in the opposite direction and bounces back from the support level, and move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 1.3680 and the second one at 1.3750.

Resistance levels: 1.3680, 1.3750, 1.3825

Support levels: 1.3270, 1.3120, 1.3