Recently we have seen price break out of the symmetrical triangle to the upside where price then went into a descending channel. This week, price has had a strong push to the upside within this pair due to the US dollar weakness we have seen. This has lead price to show a break out to the upside.
As you can see in the chart we have a key resistance at the 1.30400 area, if price is to break this resistance then we could be looking for price to reach the area of 1.35450. It is worth watching to see whether price shows a break and retest of the 1.30400 area or a rejection.
Price is now firmly above the EMA's, this means if price continues bullish then the EMA's are likely to follow very quickly. Keep watching this pair to see how price reacts at the 1.30400 resistance.
Chart: GBP/USD D1
A good post with good insights into the situation.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteI completely agree with your analysis.
ReplyDeleteLooks like it will keep pushing higher.
ReplyDeleteCable will be testing critical resistance.
ReplyDeleteThank you for sharing.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDelete