The GBP/USD
has a very good rally from the 55 day EMA zone (purple line) where it
consolidated for a few days before breaking above the 1.2400 level and coming
very close to the 1.2500 zone. The bullish momentum accelerates above the
1.2400 level, but it is possible for the 1.2500 to act as a resistance.
However, a breakout of the 1.2500 level could clear the way for the pair to
reach the 200 day EMA (blue line), which just above the high that it made at
the 1.2709 level. In case of a bearish pullback, the first area of support
could be the 1.2400 level or the same 55 day EMA. But any of the round number
levels like the 1.2300, the 1.2200, or the 1.2100 levels could also act as
support.
Very helpful analysis.
ReplyDeleteIt found some resistance at 1.2500.
ReplyDeleteGreat post! Thank you!
ReplyDeleteImpressive rally!
ReplyDeleteI think it will continue rising.
ReplyDeleteThat's good to know, thanks.
ReplyDeleteRanging in the positive territory.
ReplyDeleteGood take on markets, really insightful.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDelete