Upcoming resistance stack for GBP/USD
Updated
With the election of Trump and the push higher for the dollar, it seems hard to imagine the Pound will fare any better in the coming months.
December is usually a weak month for dollar but we are currently in a normal pullback for the cable.
We're reaching the weekly Pivot point which coincide with an historic resistance and the down trendline from the peak.
The 20EMA seems to confirm the move as well which barely overshoot to the pivot last month in the same scenario.
There is just a little room for a push higher to the pivot point before falling back to the recent low for GBP/USD in the coming days
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The idea still stand after NFP today.
We did get a push through the resistance and a fakeout and the cable is bound to close lower after rejecting the monthly pivot.
We also managed to breach the daily pivot to the down side and keeping it there as the time of writing, which should strengthen the idea for the bears.
We'll see if there is continuation monday to go visit the lows of next month at at least the trendline.
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