logo

FX.co ★ GBP/USD 09.16.2019 - Is the GBP ready for new push higher?

GBP/USD 09.16.2019 - Is the GBP ready for new push higher?

GBP/USD is trading sideways at the price of 1.2450. Anyway, the upward momentum is still present in the background and I still expect more upside yet to come. Potential tests of 1.2500-1.2445 are in play.

GBP/USD 09.16.2019 - Is the GBP ready for new push higher?

Black horizontal lines – Broken trading range

Blue horizontal lines – Resistance levels and upward objectives

Rising purple line – Expected path

MACD oscillator is showing good new momentum up in the background and I do expect at least another push higher towards the level of 1.2500. Key support levels are seen at 1.2380 and 1.2366 and resistance levels at 1.250 and 1.2545. Bears need to be very cautious as there is strong upward momentum in the background and potential buying the dips type of feeling on the 4H time-frame. As long as the GBP is trading above the 1.2340, I would watch for long opportunities on the pullbacks.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account