The technical picture is in favor of GBPUSD growth – ForTrader.org financial magazine


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

  • from the beginning of the current day, bullish sentiments dominate in the GBPUSD currency pair,
  • the upside potential of the British pound (GBP) has not yet been exhausted.

Now let’s look at the indicators:

  • The currency rate is sandwiched between moving averages with periods of 89 and 144 (resistance levels 1.3893 and 1.3987) on the one hand and averages with periods of 55 and 34 (support levels 1.3863 and 1.3825) on the other.
  • The MACD histogram tonight, crossed the zero line from the bottom up, is now in the positive zone and above its signal line, continues to increase intensively and thus gives a signal to buy the British pound (GBP).
  • Stochastic Oscillator is in the overbought zone and is giving a similar signal, as the% K line rises above the% D line.

Therefore, we expect that the growth of quotations may continue, and the potential targets of the bulls are located at 1.39245 and 1.3980.

Cancellation of the ‘bullish scenario’ will occur in case of breakdown of the mirror level 1.3857, which may open the way to levels 1.3810 and 1.3754.

Resistance levels: 1.3888, 1.3893, 1.39245, 1.3939, 1.3980, 1.3987, 1.3998, 1.40335

Current price: 1.3883

Support levels: 1.3880, 1.3863, 1.3857, 1.3836, 1.3825, 1.3810, 1.3779, 1.3754, 1.3731

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