Later today, toward the end of the American session, the decision about the US Federal Funds Rate will be announced. Of course, the news could surprise us, but from a purely technical point of view for the moment the GBP/USD pair is bullish.
On the H4 time frame the pair has reached a resistance at 1.2650 and in order to break above it, it will likely need to form a small correction.
I think that if the pair succeeds in breaking above the resistance it will continue moving to the upside toward the next resistance in the zone around 1.2750 – 1.2800. However, that zone could turn out to be harder to break above because the pair has rebounded from it once in December.
Moreover, we still need to see how the market will react to the US Federal Funds Rate announcement. We should also not forget that this pair is influenced by a number of political factors related to BREXIT, which could also cause a surprise so for now I prefer to focus on short-term analyses of it.
As always, very detailed report.
ReplyDeleteLooks like it will keep pushing higher.
ReplyDeleteIt bounced off 1.2700.
ReplyDeleteGood insight.
ReplyDeleteGood review!
ReplyDeleteGood analysis!
ReplyDeleteInsightful, thanks.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDelete