3SigmaMarkets Pre BOE, UK100, GBPUSD, EURGBP key trading levels 05th Aug 2021
UK100
UK100 price action appears to be a sideway consolidation, trading above 20 / 50 / 200 Day Moving Averages and rising trend line. The key trading level is at 7070 (50 Day Moving Average) level. The upside is initially capped by 7220 (Daily Swing High) level. A confirmed breakout above 7220 could appear Bullish targeting additional upside resistances at 7300 followed by 7360 levels. Alternatively, a confirmed loss of the current Daily support at 7030 (20 Day Moving Average) level could support a bearish outlook targeting additional downside supports at 6950 followed by 6860 levels.
GBPUSD
GBPUSD price action appears to be an oversold bounce back. The key trading level is at 1.3920 (50 Day Moving Average). The upside is capped by the initial resistance at 1.4000 (Round Number) level. A confirmed breakout above resistance at 1.4000 could appear Bullish targeting additional upside resistances at 1.4080 followed by 1.4180 and 1.4250 levels. Alternatively, a confirmed loss of the current support at 1.3830 (20 Day Moving Average) could support a bearish outlook targeting additional downside supports at 1.3740 (200 Day Moving Average) followed by 1.3630 levels.
EURGBP
EURGBP price action appears to be a sideways consolidation. The Key trading level is at 0.8550 (20 Day Moving Average). The upside is capped by initial resistance at 0.8575 (50 Day Moving Average) level. A confirmed breakout above upside resistance at 0.8575 appears Bullish targeting resistances at 0.8630 followed by 0.8670 and 0.8740 (200 Day Moving Average) levels. Alternatively, a confirmed loss of the initial downside support at 0.8500 level would support a Bearish outlook targeting additional downside supports at 0.8470 followed by 0.8430 and 0.8380 levels.
