GBPUSD : BULL TRADERS ARE COMING BACK!
- The market has been trading within a slightly bullish channel since December 2023, the medium-term trend is therefore bullish.
- After a 2nd impact on the upper bound of the channel, close to 1.2900, the market pulled-back 300pips lower, taking prices towards the lower bound of the channel at 1.2580.
Since then, buyers have come forward and been able to defend this support zone. This situation allowed the market to draw a "morning star" price pattern, while the Stochastic indicator has just given a buying signal after getting out of its oversold zone.
The moving averages, although descending in the short term, remain in a bullish configuration.
- The "morning star" pattern after an impact on a significant support zone carries a very positive message for the market.
Furthermore, this bullish rebound situation also seems to be confirmed by the various technical indicators.
A bullish potential towards 1.2667, 1.2790 then 1.2895 is now unlocked.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- After a 2nd impact on the upper bound of the channel, close to 1.2900, the market pulled-back 300pips lower, taking prices towards the lower bound of the channel at 1.2580.
Since then, buyers have come forward and been able to defend this support zone. This situation allowed the market to draw a "morning star" price pattern, while the Stochastic indicator has just given a buying signal after getting out of its oversold zone.
The moving averages, although descending in the short term, remain in a bullish configuration.
- The "morning star" pattern after an impact on a significant support zone carries a very positive message for the market.
Furthermore, this bullish rebound situation also seems to be confirmed by the various technical indicators.
A bullish potential towards 1.2667, 1.2790 then 1.2895 is now unlocked.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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