FX.co ★ Technical analysis of EUR/USD for July 27, 2020

The GBP/USD pair will continue to rise from the level of 1.1590. The support is found at the level of 1.1590, which represents the 61.8% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 1.1548, while immediate resistance is seen at 1.1725.

Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.1647. So, buy above the level of 1.1647 with the first target at 1.1725 in order to test the daily resistance 1 and move further to 1.1778.

Also, the level of 1.1778 is a good place to take profit because it will form a new double top.

Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.1647 to 1.1778 today.

At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.1590, a further decline to 1.1548 can occur, which would indicate a bearish market.