GBP/USDMarket NewsTechnical Analysis

GBP/USD: The Bull Looks to Extend Its Move

  • GBP/USD has been bullish on the H4 chart.
  • The pair trades above the simple moving average 30.
  • The H1 chart looks choppy; next breakout is going to be crucial.
  • Intraday minor charts have been bearish in the Tokyo session.
GBP/USD H4 chart
GBP/USD H4 chart

GBP/USD – Technical Analysis- H4 chart

The chart shows that the pair has been moving towards the North upon finding its support around 1.21500. On its way, it made a breakout at the simple moving average 30. As of writing, the pair trades above the SMA 30’s support. A bullish reversal pattern at the SMA 30’s support may push the price towards the North. The price may find its resistance around 1.23600.

On the contrary, if the price breaches the SMA 30’s support, the sellers may wait for the price to make a confirmation on the breakout to look for short opportunities. In that case, the pair may find its support around 1.22000.

GBP/USD H1 chart
GBP/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. At the second bounce, it produced a bullish engulfing candle and headed towards the North. As of writing, the pair has been having a bearish correction. The buyers may wait for the chart to produce a bullish reversal pattern at the trend line’s support to go long in the pair. The price may find its resistance around 1.23000.

On the contrary, if the price breaches the trend line, the sellers may keep their eyes to go short in the pair. A bearish breakout followed by a reversal at the value areas may drive the price towards the downside. The price may find its support around 1.22300.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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