GBPUSD (1H) - short term bullish bias
Following the rally on 11 November, the cable met strong buying interest near the 61.8% (1.2820) retracement level. The price finally emerged on the upside after three days of consolidation. A series of higher highs broke the major resistance level of 1.2880 while the faster moving average crossed above the slower one, in a textbook bullish move. We expect the pound to sustain the momentum and reach 1.2940. The averages and the trend line would provide support in case of a pullback.
Key support: 1.2860
Key resistance: 1.2940
Following the rally on 11 November, the cable met strong buying interest near the 61.8% (1.2820) retracement level. The price finally emerged on the upside after three days of consolidation. A series of higher highs broke the major resistance level of 1.2880 while the faster moving average crossed above the slower one, in a textbook bullish move. We expect the pound to sustain the momentum and reach 1.2940. The averages and the trend line would provide support in case of a pullback.
Key support: 1.2860
Key resistance: 1.2940
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.
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.