GBP/USD price is moving in an ascending channel

GBP empowering against USD

No major news on GBP/USD is going to be released currently, GBP/USD price is getting more powerful. An ascending channel has been formed and is still valid. The price is at the top of the channel and overall look of the chart is bullish

            Chart Notes: 

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

           • Candles’ time-frame is 4h.


The support rests at 1.29720 with resistance at 1.30140 which both lines are above the weekly pivot point at 1.29030. 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 on 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 not showing any clear signals.
The price growth may continue towards the upper Bollinger band at 1.30250.

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