GBP/USD on an ascending rally

Uptrend is still on going

UK’s CBI distributive trades survey rose and UK’s BRC shop price index fell. UK’s consumer credit and mortgage approvals will be released soon. On the chart, the [rice is increasing in a high slope channel and no trend reversal signals have been issued.

            Chart Notes: 

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

           • Candles’ time-frame is 4h.


The support rests at 1.29040 with resistance at 1.30220 which both lines are above the weekly pivot point at 1.27060. 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.
While moving above 1.29000, bullish trend is expected towards 1.30200.

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