Ascending channel is still valid
Yesterday GBP grew against USD due the Bank of England’s decision regarding ignoring the idea of resorting to negative interest rates. On the chart the price is trending high and the overall look of the chart is bullish, the next few candles are expected to be bullish.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The pair is finding support at 1.36400 with resistance at 1.37120 which the weekly pivot point at 1.35990 is located below the lines. The EMA of 10 is moving with bullish bias in the long term ascendant channel and it is above the EMA of 200 and the EMA of 100. The Stochastic is moving in high ranges. The RSI is moving in overbought area and the MACD is moving in positive territory. The ADX is showing buy signal.
Considering GBP bulls, buyers can target 1.38000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.