GBPUSD hit a new 4-year high of 1.6821 on Monday. Bullish sentiment on the 4-hour chart remains strong as prices crossed above the 20, 50 and 200 period moving averages. A buy signal was given February 12 when the 20-period moving average crossed above the 200-period moving average.
MACD is rising and in bullish territory. The Stochastic still maintains its bullish sentiment although it has started to move away from extreme overbought levels and fell below the 80 level as traders took profits and sold the pound.
The 1.6821 level has proved to be a strong resistance level, with prices bouncing back down from it today. Support is seen between 1.6640 and 1.6672.
Below this area, the next support levels that will be targeted are at 1.6440 and 1.6251.
GBPUSD hit a new 4-year high of 1.6821 on Monday. Bullish sentiment on the 4-hour chart remains strong as prices crossed above the 20, 50 and 200 period moving averages. A buy signal was given February 12 when the 20-period moving average crossed above the 200-period moving average.
MACD is rising and in bullish territory. The Stochastic still maintains its bullish sentiment although it has started to move away from extreme overbought levels and fell below the 80 level as traders took profits and sold the pound.
The 1.6821 level has proved to be a strong resistance level, with prices bouncing back down from it today. Support is seen between 1.6640 and 1.6672.
Below this area, the next support levels that will be targeted are at 1.6440 and 1.6251.
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