The price reached midlane of the channel
PMI Services and Composite PMI data will be released in the UK. GBP can be supported if there is good news over Brexit deal. On the chart the price is on the mid lane of the channel and also in the middle of the Bollinger Bands. As the overall look of the chart suggests the next move would be either a sharp ascend of a sharp descend.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The pair is finding support at 1.33420 with resistance at 1.34420 which both lines are above the weekly pivot point at 1.33240. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 100 and 200. The Stochastic is showing upward momentum. The RSI is moving above level 50 and the MACD is moving in neutral territory. The ADX is showing weak buy signal.
The support level breakthrough will confirm the bearish trend towards 1.32500; otherwise, GBPUSD will continue its growth towards 1.34500.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.