Indicators are suggesting the start of a bullish trend
While USD is on global decline, GBP is getting empowered by the strong economic data coming from the UK. There was a growth in retail trade volumes and data on indices of business activity in the service and manufacturing sectors were in favor of GBP strengthening.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.38700 with resistance at 1.39330. The weekly pivot point at 1.38700 is located in between the lines. 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 Stochastic is showing upward momentum, the RSI is rising above level 50 and the ADX is showing buy signal. The MACD indicator is in neutral territory.
GBPUSD is developing its upward trend. The next target for buyers will be 1.40000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.