GBPUSD : is expected to increase sharply again
A break above the summer uptrend line could bring the USD back to normalcy in recent months. Meanwhile, the US Dollar Index (DXY) this Monday is below last Friday's closing price, which could cause some selling and cause DXY to fall and seek support.
There could still be a rally above the daily trend line from July 18th. The 107.19 level is a very important level if DXY can close above this level each day. If all goes as expected, the next level the market should focus on is likely to be 109.30. On the other hand, the recent resistance level at 105.88 did not provide any downside support. The DXY USD Index has a neutral to bullish
outlook in the short term, with buyers building strong support around the 20-day simple moving average (SMA) of 106.15. As long as the index remains above 106.15, the near-term outlook remains positive.
There could still be a rally above the daily trend line from July 18th. The 107.19 level is a very important level if DXY can close above this level each day. If all goes as expected, the next level the market should focus on is likely to be 109.30. On the other hand, the recent resistance level at 105.88 did not provide any downside support. The DXY USD Index has a neutral to bullish
outlook in the short term, with buyers building strong support around the 20-day simple moving average (SMA) of 106.15. As long as the index remains above 106.15, the near-term outlook remains positive.
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🟢TP: 1.2200
🔴SL: 1.2150