The price line is forming an ascending flag
UK’s Markit manufacturing PMI will be stated within a few hours and will bring some volatility to the market. On the chart, after a correction phase, the price is ascending once more and has already broken above the ascending trendline. the 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 1.29360 with resistance at 1.29840 which both lines are above the weekly pivot point at 1.28790. 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 showing upward momentum and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
GBPUSD is targeting 1.3000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.