We had a wonderful bullish candle yesterday, however technically still not a bullish breakout yet. Price action need to break the previous lower low trendline too, which we are expecting to happen today.
A closing above 1.2870-1.2880 area would open door to next major resistant 1.31188. Check the chart.
Check my Tickmil chart, and you need to update the price action according to your broker)
Pound/dollar made a moderate upward momentum yesterday, forming a peak at 1.2845. Expectations are bullish for testing 1.2900. A clear breakthrough and daily closure over this area can clear the road ahead of the bulls up to 1.3000 - 1.3050 and give further confirmation of the bullish scenario on the double bottom. Support for the day is 1.2800. A clear break below it could take the price to a neutral trading area, but only a clear break below 1.2750 would have to stop the upside-down scenario on the double bottom.
The pound recorded another neutral session against the dollar on Wednesday. The pair continues to fluctuate around the levels it reached in the middle of last week. It is expected soon that the British currency will prevail and the resistance at 1.2901 will be pierced. Trading on Wednesday was open at a 1.2840, and the trend was neutral almost all the time. A weak bullish momentum was noticed in the afternoon when the pair reached a peak at 1.2862, but the pound quickly lost the lead.
It’s been a irritating 1-1/2 month for GBP/USD bears because the pair keeps strengthening regardless of weak economic facts, Brexit uncertainty and May’s call for UK snap elections.
The preliminary UK GDP release could turn out to be a non-event for the markets, unless the number prints way under the estimates. The UK Q1 growth rate is visible slowing to 0.4% q/q from the preceding zone’s 0.7% reading.
A weaker-than-expected determines could yield a technical pull again, given the overbought conditions at the intraday charts. Strong support at 1.26 might be positioned to test over the following couple of days.
Alternatively, a positive surprise could shake out a few greater GBP bears, hence commencing doors for 1.30 handle. There is consensus in the marketplace that Pound’s sharp rally this month is the end result of the unwinding of the shorts.
Technical Levels to watch: The pair jumped above 1.29 handle in Asia and was last seen trading around 1.2910 levels. The unwinding of shorts could gather pace if the spot breaks above 1.30, thus opening doors for 1.3119 (June 2016 low). On the downside, failure to hold above the weekly 50-MA level of 1.2845 could yield a sell-off to 1.2631 (weekly 5-MA).
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GBPUSD having a bearish candle today however, It is still above the Major Resistant 1.27959 (Low of July 6, 2016, 1 week later of Brexit) as well as above the lower low trendline (multiyear 2015-2016) .
So, bullish momentam of GBPUSD is still intact, But GBPUSD can revisit the 1.2773 area before reach the final trarget 1.31207 (low of June 27, a day after the brexit)
The GBPUSD was corrected lower yesterday bottomed at 1.2882. The bias is neutral in nearest term but as long as stay above 1.2780/50 I still prefer a bullish scenario at this phase with nearest target seen around 1.3050 area. Immediate support is seen around 1.2860. A clear break below that area could trigger further bearish pressure testing 1.2800 but only a clear break below 1.2780/50 would interrupt the double bottom bullish scenario.
GBP/USD retraced back to 1.2860 and bounced off from that level after forming an inverted hammer candlestick on the one-hour time-frame. It is moving to the upside again and it will likely test the previous high at 1.2965.
The GBPUSD regained its bullish momentum yesterday topped at 1.2939 and hit 1.2946 earlier today in Asian session. The bias is bullish in nearest term testing 1.2965. A clear break above that area could trigger further bullish pressure testing 1.3000 – 1.3050 area as a part of the double bottom bullish scenario on daily chart. From an H1 chart perspective as you can see on my H1 chart below, price is consistently moving above the EMA 200 suggests a valid bullish trend. Immediate support is seen around 1.2910. A clear break below that area could lead price to neutral zone in nearest term testing 1.2865 but only a clear break back below 1.2780/50 would interrupt the double bottom bullish scenario.
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