The GBP/USD
rises to the 1.2900 zone, but it has not been able to confirm a breakout above
that level as we can see on the daily chart. Even so, the bullish trend is
still in place and the pair may try to break above the 1.2900 level to go and
visit the 1.3000 level. The 1.3000 level has a great chance of acting as a
resistance, due to the fact that exactly at that level we can find the 200 week
EMA, which may contribute to causing the price to bounce to the downside from
there. Over the daily chart we can see that the 55 day EMA (purple line) is
pointing to the upside, indicating that the bullish trend is gaining strength.
If the 55 day EMA crosses above the 200 day EMA (blue line), then we will have
a golden cross, which is a pattern that has bullish implications in the midterm.
To the downside, in case of a bearish pullback, the main support zones are the
1.2800 level and the 1.2700 level where we can find the 200 day EMA.
The move to the upside continues for now.
ReplyDeleteI think it will reach 1.3000.
ReplyDeleteVery helpful analysis, thank you for sharing!
ReplyDeleteThank you for pointing this out!
ReplyDeleteThat's good to know, thanks.
ReplyDeleteThank you for the analysis.
ReplyDeleteNext resistance level can be found around 1.3/1.3010 zone.
ReplyDeleteIt may rise still further
ReplyDelete