After the breakdown of the 1.37755 level in GBPUSD, bullish sentiment will strengthen

Paying attention to the 4-hour chart, you will notice that:

  • the second day, bullish sentiments dominate in this GBPUSD currency pair,
  • at the same time, the growth of quotations began to slow down when approaching the mirror level of 1.37755.

Now let’s look at the indicators:

  • The currency remains well below the moving averages with periods of 34, 55, 89 and 144, which are directed downward and indicate continued bearish sentiment (in the medium term), as well as a series of resistance levels 1.3797, 1.3837, 1.3858 and 1.3913.
  • The MACD histogram is still in the negative zone, but already above its signal line, continues to grow rapidly and thus gives a signal to buy the British pound (GBP).
  • Stochastic Oscillator has partially entered the overbought zone and is giving a similar signal, as the% K line rises above the% D line.

Despite two identical and clear signals, as a confirmation that bullish sentiments may again increase in the forex market in this currency pair, it is necessary to wait for the breakdown of the mirror level 1.37755, which can open the way to the levels 1.3826, 1.38645 and 1.39225.

Otherwise, the bears may seize the initiative, and their targets will be the levels 1.37075, 1.3670 and 1.36425.

We remind forex traders that today at 10:00 Moscow time. will be published data on retail sales in the UK, which may have a significant impact on the further course of trading.

Resistance levels: 1.3766, 1.37755, 1.3797, 1.38015, 1.3826, 1.3837, 1.3858, 1.38645

Current price: 1.3759

Support levels: 1.37355, 1.37075, 1.3682, 1.3670, 1.36425, 1.3609, 1.35715

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