continuing on from my last post, it seems we are taking a rebound on the current trend at the moment. Indicators (on LTF (4H/D)) suggest we could take an swing up here, however the HTF (W/M) are suggesting there is still bearish pressure on the pair.
In the current news -
GBP/USD trades in the upper half of the descending regression channel and the Relative Strength Index (RSI) indicator on the 4-hour chart rises toward 50, reflecting a loss of bearish momentum in the near term. The 100-day Simple Moving Average (SMA) aligns as immediate resistance at 1.2970. If GBP/USD flips that level into support, 1.3000 (round level, static level) and 1.3020 (upper limit of the channel) could be seen as next resistance levels.
On the downside, first support is located at 1.2900 (mid-point of the descending channel) before 1.2800 (lower limit of the descending channel).
Let's see where this goes for now>
I am short term bullish biased
In the current news -
GBP/USD trades in the upper half of the descending regression channel and the Relative Strength Index (RSI) indicator on the 4-hour chart rises toward 50, reflecting a loss of bearish momentum in the near term. The 100-day Simple Moving Average (SMA) aligns as immediate resistance at 1.2970. If GBP/USD flips that level into support, 1.3000 (round level, static level) and 1.3020 (upper limit of the channel) could be seen as next resistance levels.
On the downside, first support is located at 1.2900 (mid-point of the descending channel) before 1.2800 (lower limit of the descending channel).
Let's see where this goes for now>
I am short term bullish biased
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.