Overview :

  • The GBP/USD has broken resistance at 1.3819 which acts as a support this morning.
  • The pair is moving between the levels of 1.3819 and 1.3851. As the trend is still above the 100 EMA, a bullish outlook remains the same as long as the 100 EMA is headed to the upside.
  • Consequently, the level of 1.3851 remains a key support zone. Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.3851, to form a bullish channel.
  • Therefore, there is a possibility that the GBP/USD pair will move upwards above 1.3851, which coincides with a ratio 50% of Fibonacci retracement.
  • The falling structure does not look corrective. In order to indicate a bearish opportunity above 1.3851, buy above this level with the first target at 1.3851.
  • Moreover, if the pair succeeds to pass through 1.3851, it will move upwards continuing the bullish trend development to 1.3873 in order to test the daily resistance 1.
  • However, if a breakout happens at 1.3795, this scenario may be invalidated.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.