The GBP/USD pair is trading above the 50 day (shown in green) and the 100 day (shown in yellow) moving averages. This suggests that the bulls could have the advantage, and bias could be towards the upside as long as the price is trading above these averages.
The price is also trading within the symmetrical triangle pattern which historically speaking, breaks towards the upside. If this triangle does break towards the upside, then we could see the price pushing towards the major resistance level.
Bear Scenario
The RSI is trading in line with the price action which suggests that bias could be to the downside.
Important Levels
Support Zone
1.5187-1.4168 Minor
1.5050-1.5025 Major
1.4929-1.4907 Major
1.4852-1.4830 Major
Resistance Zone
1.5330-1.5303 Minor
1.5382-1.5365 Major
1.5471-1.5432 Major
DISCLOSURE & DISCLAIMER:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam