The pair is caught between the support at 1.2900 and the resistance that has not yet been reached standing at 1.3140. If bulls manage to reach the resistance zone, this could mean a potential break and further continuation of the bullish move that started in the beginning of this year.
On the other hand, bears have the more difficult task to outperform the other camp. Given how weak the US dollar currently is, the likelihood of their success seems like a far fetched goal.
Today no major news are anticipated so we can expect a relatively calm market environment with low volatility.
Chart: GBP/USD H4
This comment has been removed by the author.
ReplyDeleteThe move to the upside may continue.
ReplyDeleteI think it will keep consolidating until the general elections in the UK.
ReplyDeleteGood post.
ReplyDeleteGreat analysis as usual!
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteI agree with your analysis.
ReplyDelete