Focus: the resistance at 1.6070 remain in focus as a major obstacle and the pair needs to break this resistance to confirm further upward trend. The immediate support is near the 1.5891 zone.
Strategy in Play:
The GBP/USD is trading in a resistance zone on a 30 minute time frame. The volatility for the pair is high as the price has pierced the Bollinger band and it is trading away from its 20 day moving average. The piercing of the Bollinger band does have a significant importance when this takes place at a resistance/support zone, because this is an ability to stop the upward/downward move or reverse the trend.Read More