Bulls do not look tired
Public Sector Net Borrowing data has been released in the UK. GBP/USD price has been growing through an ascending channel, after reaching a resistance level, the price line has had a smooth reaction and now bulls are ready to make the next ascending wave.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.26290 with resistance at 1.27130 which both lines are above the weekly pivot point at 1.25710. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
GBPUSD is growing towards the previous high at 1.28000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.