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GBP/SGD found support again on the 1.8381 level and now could start increasing again. The false breakout above the downtrend line has sent the rate down in the short term.
Still, the bias is bullish after the rate failed to stabilize below the 23.6% retracement level in the last weeks and attempts. The pair moves sideways, within a minor range, an upside breakout could signal more gains.
GBP/SGD H4 Chart Analysis!
You can see that GBPSGD has registered only false breakdowns below the 1.8381 and through the lower median line (lml) of the ascending pitchfork signaling a new upside momentum.
A valid breakout above the weekly pivot (1.8468) could really signal an upside breakout from the Falling Wedge pattern as well. A valid breakout from the reversal pattern could signal a potential growth towards the 1.8765 higher high.
Conclusion!
GBP/SGD’s failure to close and stabilize under 1.8381 could signal a new leg higher in the short term.
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