GBPUSD - False break of up-trend resistance

[Agarwal]

GBPUSD is forming a strong uptrend. The news on Wednesday had a positive effect on the currency pair and thus the British pound was able to strengthen.

TA on high timeframe:
1) A prolonged uptrend, but not as active. An accumulation is forming, but at the same time the price is at multi-month highs.
2) There is a strong support base of 1.24500 for the price on the high timeframe, if the buyers hold this area, the pound will continue its course.

TA on the low timeframe:
1) An upward price channel is forming, the price is essentially squeezed in a range
2) False break of the resistance at 1.25837, which forms a technical pullback.
3) If the price fails to break the resistance on the retest, it will continue its way to the support at 1.24537

Key resistance 1.25840
Key support 1.25500, 1. 24500

[MongiIG]

On 05/05/2023 at 12:50, Agarwal said:

GBPUSD

Hi @Agarwal

Thanks for sharing your analysis on GBPUSD

 

All the best - MongiIG

[MongiIG]

Risk event for the week starting 8 May: GBP/USD around UK rates

Risk event for the week starting 8 May: GBP/USD around UK rates
 
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