Monday, January 15, 2018

Where will the Pound stall?

The GBP/USD has been in a good bullish trend since it took off from the 1.2000 zone approximately one year ago. On the way up the pair has performed some bearish pullbacks as shown on the weekly chart, but in general terms the trend has been bullish and stays strong. The 55 week exponential moving average has changed its direction to the upside and keeps a good angle of inclination. The 1.3800 zone could act as resistance for the GBP/USD, but if it breaks that level to the upside, it could go and visit the 1.4000 zone where we can also find the 200 week exponential moving average. To the downside, in case of a bearish correction, the same 55 week EMA may act as support.

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