Our last analysis on GBPUSD was about the bullish signal it gave when price broke above the 1.34-1.35 resistance giving us 1.40 as the first target. After a month from our last analysis we see price around 1.3650 with a high around 1.3750.
Red line – resistance
Green line – support
Blue lines – expected size of upward move
GBPUSD continues to make higher highs and higher lows. Trend remains bullish as long as price is above the upward sloping green trend line. The support by the green trend line is now found at 1.35 level which was once resistance. We could see a pull back as a back test towards that level as we observe the RSI not making new highs as the price. There is a bearish divergence in the RSI that provides a warning to bulls.
The material has been provided by InstaForex Company – www.instaforex.com
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