Intraday Analysis – GBP sees pullback

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081641/Intraday-8-1.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Analysis" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081641/Intraday-8-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081641/Intraday-8-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>GBPUSD seeks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081255/GBPUSD-15.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205138 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081255/GBPUSD-15.png" alt="Chart of GBPUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081255/GBPUSD-15.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081255/GBPUSD-15-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081255/GBPUSD-15-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081255/GBPUSD-15-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The pound tumbled after the UK’s consumer price growth showed a noticeable slowdown in June. A clean cut below the first support and the round number of <strong>1.3000 </strong>suggests that short-term buyers have trimmed their exposures, turning it into a resistance level. Medium-term sentiment remains upbeat though and the bulls may see the current pullback as an opportunity. As the RSI sinks into the oversold area, the confluence of a previous daily swing high and the 20-day SMA at <strong>1.2850 </strong>is the level to see if buyers would reemerge.</p>
<h2>USOIL consolidates gains</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081441/USOIL.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205139 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081441/USOIL.png" alt="Chart of USOIL" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081441/USOIL.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081441/USOIL-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081441/USOIL-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081441/USOIL-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>WTI crude rallies as the market becomes more optimistic over easing inflation. On the daily chart, a move above the major supply zone of 74.50 is a strong recovery signal by shifting the market mood to a brighter side. The rally has been fuelled by sellers looking to cover and momentum buyers jumping at the rebound opportunity. <strong>74.00</strong> is a fresh support and <strong>77.30</strong> is a recent top offering the bulls some breathing room and a break back above this level would extend the rally towards the psychological level of 80.00.</p>
<h2>SPX 500 grinds rising trend line</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081543/US500-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205140 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081543/US500-2.png" alt="Chart of US500" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081543/US500-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081543/US500-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081543/US500-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/20081543/US500-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The S&amp;P 500 advances in the hope that the Fed will stop hiking rates soon. The rally accelerated after breaking above the previous daily top of 4455 and a rising trend line with a steep angle indicates a robust bullish pressure. From the daily chart’s perspective, the index is on its way to the March 2022’s high of 4640 with <strong>4600 </strong>as an intermediate resistance. The RSI’s repeatedly overbought condition may temporarily limit the upward thrust if intraday buyers start to take profit. <strong>4515 </strong>is the closest support should this happen.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-gbp-sees-pullback">Intraday Analysis – GBP sees pullback</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>