GBPUSD: Continuing the STRONG UPTREND
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🟢Forex Pair:
GBP/USD
⚪Technical Analysis:
Since the 20th of January 2021, the price has been consolidating, moving with a clear sidetrend, bouncing up and down between two S/R zones, at about 1.37500 and 1.36500.
During the 5th of February 2021, a strong bullish impulse on the main trendline, pushed the price up breaking throught its S/R zone at 1.37500, ending once it reached the resistance zone at about 1.38650.
The price got then a short retracement and it is currently re-testing its last resistance zone.
The RSI (20) is showing signs of weakness considering a divergence on the h4 chart.
🔴Conclusion:
Overall this pair is following an interesting uptrend and now it reached a strong resistance zone that rejected the price few times in the weekly perspective.
There is a possibility to see a consolidation phase on that zone before to understand the next direction.
I'll be waiting for a re-test of the support zone at about 1.37750 or a breakout of the resistance zone before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/USD
⚪Technical Analysis:
Since the 20th of January 2021, the price has been consolidating, moving with a clear sidetrend, bouncing up and down between two S/R zones, at about 1.37500 and 1.36500.
During the 5th of February 2021, a strong bullish impulse on the main trendline, pushed the price up breaking throught its S/R zone at 1.37500, ending once it reached the resistance zone at about 1.38650.
The price got then a short retracement and it is currently re-testing its last resistance zone.
The RSI (20) is showing signs of weakness considering a divergence on the h4 chart.
🔴Conclusion:
Overall this pair is following an interesting uptrend and now it reached a strong resistance zone that rejected the price few times in the weekly perspective.
There is a possibility to see a consolidation phase on that zone before to understand the next direction.
I'll be waiting for a re-test of the support zone at about 1.37750 or a breakout of the resistance zone before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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