Pound Bulls in firm control
GBP/USD eases from highs as investors take profit, the pullback should be limited with no fundamental data to suggest otherwise. Price is now in a period of consolidation awaiting it’s next move.
In yesterdays trading session price met resistance at 1.3862 which coincided with the 1 month ascending trendline seeing a 50 pip pullback towards support at 1.3810.
The outlook remains bullish & any breach of resistance could see could lead to fresh highs towards 1.3890.
The UK’s vaccination campaign continues to keep the Pound Bid with hopes restrictions could be lifted.
The Dollar remains suppressed with little signs this will change after Fed chair Powell’s dovish comments.
The UK & EU relations continue to be strained but the pair seemingly unaffected.
Price is trading well above 50 & 200 MA with RSI outside overbought conditions pointing to further potential gains.
Support: 1.3810 - 1.3785
Resistance: 1.3862 - 1.3890
In yesterdays trading session price met resistance at 1.3862 which coincided with the 1 month ascending trendline seeing a 50 pip pullback towards support at 1.3810.
The outlook remains bullish & any breach of resistance could see could lead to fresh highs towards 1.3890.
The UK’s vaccination campaign continues to keep the Pound Bid with hopes restrictions could be lifted.
The Dollar remains suppressed with little signs this will change after Fed chair Powell’s dovish comments.
The UK & EU relations continue to be strained but the pair seemingly unaffected.
Price is trading well above 50 & 200 MA with RSI outside overbought conditions pointing to further potential gains.
Support: 1.3810 - 1.3785
Resistance: 1.3862 - 1.3890
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