Technical Analysis: GBPUSD directs pullback from resistance-turned-support towards yearly high

Technical Analysis: GBPUSD directs pullback from resistance-turned-support towards yearly high

With the UK CPI flashing better-than-forecast figures, GBPUSD keeps attacking the yearly top surrounding 1.3265. Other than upbeat data, the pair's bounce off an ascending trend line from April 14 adds to the bullish momentum that currently targets December 31, 2019, top surrounding 1.3285. Should the buyers remain dominant enough to ignore overbought RSI past-1.3285, March 2019 peak near 1.3380 and the year 2019 high close to 1.3515 will be in the spotlight.

On the downside, the pair's declines below the resistance-turned-support from January 31, 2020, at 1.3170 now, will recall the bears targeting the aforementioned support line from mid-April, near 1.3015. Though, the 1.3000 threshold will challenge the bears past-1.3015, which if broken can increase the selling pressure towards June month's high near 1.2815-10.

Trade Forex with MTrading

Join us on FB and Twitter to stay updated on the latest market events.

Our awards

award1 award2 award3 award4 award5