Technische Analyse

GBP/USD- In a Resistance zone

Bear Scenario

The GBP/USD pair is trading in a resistance zone on 30 minute time frame. The price has pierced the Bollinger band at this level and it is trading above its 20-day moving average. The piercing of the Bollinger band does have a significant importance when this occurs at an important level of support or resistance. In this scenario, the GBP/USD has pierced the Bollinger band at an important level of resistance and thus it could reverse the trend or bring a temporary pause in this upward trend.

GBP/USD- Technical Analysis

The GBP/USD pair has formed a reverse Head and Shoulder pattern (a bullish pattern) on a 30 minute time frame. If this pattern does play out completely, it could easily push the price to the 1.5365 resistance level. The price is trading above the 50 day (shown in green) and the 100 day (shown in yellow) moving averages which shows that the bulls have taken the control. The pair is also respecting upward trend line which further strengthens the above argument. The RSI is in an overbought zone which calls for a caution and this could bring a pause or reverse the trend.