GU Techical Analisys Oct, 1, 2017

Positive Candidate -Medium term, Oct 01, 2017


Analysis Explanation

GBPUSD has broken up through the ceiling of the rising wedge, which signals an even stronger rising rate.
The positive development, however, may give rise to short term corrections down from today's level.
Has risen strongly since the positive signal from a inverse head and shoulders formation at the break through the resistance at 1.25.
The objective at 1.32 is now met, but the formation still gives a signal in the same direction.
The currency has support at points 1.33. RSI is overbought.
This shows that the momentum of The currency is strong and that the price may well rise further in the short term.
We should see a decline in the RSI chart before this is considered to weaken the currency.
The currency is overall assessed as technically positive for the medium long term.