GBP/USD on an ascending rally

The trend is not stopped yet

The possibility of Conservative Party of Great Britain winning the election has given strength to GBP against USD. On the chart the price has been through a sharp ascend, the ascending wave does not seem to be finished yet.

            Chart Notes: 

           • Chart time-zone is UTC (+03:00)

           • Candles’ time-frame is 4h.


The support rests at 1.29150 with resistance at 1.29540 which both lines are above the weekly pivot point at 1.28800. 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.
The price may grow towards the previous high at 1.29850.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.