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FX.co ★ GBP/USD Intraday Technical Analysis

GBP/USD Intraday Technical Analysis

GBP/USD Intraday Technical Analysis

The spot rate is presently testing the upper limit of its medium term bullish channel in 1.6160 and is likley to decline. However, a breakdown of these levels will reveal significant potential resulting in the more violent bullish trend.

Technical indicators provide sellers signals and evolvement in the overbuy zone confirms the assumption of a decline. Bollinger bands are much discarded due to the strong increase of these days. The situation is expected to stabilize soon.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1.6160 with 1.6220 and 1.6240 seen as first objectives. A breakdown in 1.6140 will cancel this scenario.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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