The (GBPUSD) is making progress in forming a major bottom after bouncing off the psychologically key 1.20 whole figure level yesterday and surging above descending wedge resistance (on the weekly chart).  Although odds are decent for a break to a fresh July high following the 830am EST release of the US advance GDP data and Friday’s US core PCE price index data, bulls should be prepared for a lower probability of a brief pullback before the weekend potentially to upchannel support (on the 4hr chart).  The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying.  I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on EURUSD, ARABICA COFFEE

GBPUSD Weekly/Daily/4hr

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(FXB)