The GBP/USD pair continued to move upwards from the level of 1.4124. Since last week, the pair has risen from the level of 1.4051 (the level of 1.4051 coincides with the ratio of 61.8% Fibonacci Expansion) to the top around 1.4218. In consequence, the GBP/USD pair broke resistance at 0.9887, which turned into strong support at the level of 1.4124. In the H1 timeframe, the level of 1.4124 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100) and (50). From this point, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.4124 towards the target level of 1.4260. If the pair succeeds in passing through the level of 1.0028, the market will indicate the bullish opportunity above the level of 1.4260 so as to reach the second target at 1.4300. At the same time, if the GBP/USD pair is able to break out the level of 1.4124, the market will decline further to 1.4051 (daily support 2).
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
The GBP/USD pair continued to move upwards from the level of 1.4124. Since last week, the pair has risen from the level of 1.4051 (the level of 1.4051 coincides with the ratio of 61.8% Fibonacci Expansion) to the top around 1.4218. In consequence, the GBP/USD pair broke resistance at 0.9887, which turned into strong support at the level of 1.4124. In the H1 timeframe, the level of 1.4124 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100) and (50). From this point, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.4124 towards the target level of 1.4260. If the pair succeeds in passing through the level of 1.0028, the market will indicate the bullish opportunity above the level of 1.4260 so as to reach the second target at 1.4300. At the same time, if the GBP/USD pair is able to break out the level of 1.4124, the market will decline further to 1.4051 (daily support 2).
The material has been provided by InstaForex Company – www.instaforex.com
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