GBPUSD Technical Overview and Intraday Levels
•Stuck in a descending triangle, the Cable is currently trading at 1.27650
•H4 Chart Readings : Below EMA50 and SMA 20 under the bearish pressure.
•A break above 1.2817 would confirm a descending triangle breakout or bearish-to-bullish trend change. A close above 1.28170 – confirmed by MM 4/8 Major Resistance would mean the sell-off from the Nov. 7 high of 1.3175 has likely ended at 1.2723 (Nov. 15 low) and the bulls have regained control.
•A firm breakout, if confirmed, would open the doors to 1.30 (psychological hurdle).
Upside Key Levels:
1.27860 , 1.28479 ( MM 5/8 and MA100 on H4 Chart ) 1.28780 ( Key intraday Resistance ) 1.29080 (MA 200 H4)
H1 readings turned to bullish from bearish. 1.27560 is the first support. If the pair break below 1.27560 support, 1.27240 , 1.26930 and 1.26640 would be the key levels. 1.26340 is the extremely overshoot and the botto of the trading range of the day
We will focus on the potential BULLISH triangle breakout to enter the trade.
You can check our signal results
Subscribe to our services free of charge
Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro.