GBP/USD Pullback, Let's See How Badly Bulls Want It
It's been a strong run in Cable since the 1.3000 test two weeks ago, with the pair tacking on more than 400 pips, trough-to-peak. That run also produced another overbought RSI reading on the daily chart of GBP/USD which would be the fourth such instance this year. Each of those prior events have led-in to pullback and, so far this morning, that's what we're seeing.
But this doesn't mean that the pair has to reverse. As a matter of fact this may remain as one of the more attractive major pairs if we do see USD-bears press again, but that remains a moving variable.
At this point bulls have an open door to bid trend continuation with price pulling back for a support test at prior resistance, from around the 1.3332-1.3341 zone. If that can't hold, and prices do show a larger pullback, the next significant spot of support potential is around the 1.3250 psychological level. - js
But this doesn't mean that the pair has to reverse. As a matter of fact this may remain as one of the more attractive major pairs if we do see USD-bears press again, but that remains a moving variable.
At this point bulls have an open door to bid trend continuation with price pulling back for a support test at prior resistance, from around the 1.3332-1.3341 zone. If that can't hold, and prices do show a larger pullback, the next significant spot of support potential is around the 1.3250 psychological level. - js
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.