GBP/USD traders should be on alert for a potential topside break, with price action resembling a bull flag formation.
Downtrend resistance comes in near 1.3340 today—a key level to watch for those considering bullish setups.
A break above that trendline would shift focus to the April 29 high at 1.3444. If cleared, there's not much standing in the way until 1.3644.
Momentum signals are also starting to turn more constructive, with the 14-day RSI breaking its recent downtrend and MACD curling back towards the signal line above zero. Taken together, the setup favours buying dips and trading in line with any upside break.
Good luck!
DS
Downtrend resistance comes in near 1.3340 today—a key level to watch for those considering bullish setups.
A break above that trendline would shift focus to the April 29 high at 1.3444. If cleared, there's not much standing in the way until 1.3644.
Momentum signals are also starting to turn more constructive, with the 14-day RSI breaking its recent downtrend and MACD curling back towards the signal line above zero. Taken together, the setup favours buying dips and trading in line with any upside break.
Good luck!
DS
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