Bulls Eager on GBPUSDWith the current uncertainties keeping GBP pairs consolidated, echoing across correlating Pairs to the Pound, new fundamentals seem like the master key in getting volatility back for FX Traders.
Looking over the Pound, one cannot deny that Sterling is at its most cheapest level in years. Forget price and think of value - suggests traders at HuracanFX.
Fundamentally : Its a developing high impact news nightmare keeping swing traders on their and somewhat pensive about the next move- and it is likely to develop into a large move at it.
Technically : Main 1.30 psychological resistance has been a tough nut to break, as price had shown potential at the first touch but quickly retreating into bearish territory.
Note the retest of 1.29 as this resistance can play a vital role of new support for the Pound.
USD Weakness coming in to support this move up; however it seems that the pair is looking for more information or a decisive USD move to break from the consolidation pattern.
If the main level of 1.30 is broken targets of 1.32 is first up, thus following price up slow and steadily ,creeping its way up to 1.42 with little to no price action in its way to 1.42 from 1.40.
Again, looking over to the bigger picture here
, the Pound is cheap, overall a bullish momentum as a strong institutional leg from 1.215 Zone. I.e - Why would you be bearish ?
