GBP/USD is trading in the red at the moment of writing but the bias remains bullish. The pair moves sideways within a narrow range.
Its failure to confirm a deeper decline in the short term signaled an upside breakout. The US NPF, Unemployment Rate, and Average Hourly Earnings data could be crucial for USD today. The greenback should resume its depreciation of the US economic data will disappoint.
GBP/USD moves sideways within a potential continuation pattern. An upside valid breakout could really indicate a broader swing higher.
GBP/USD H4 Technical Analysis!
GBP/USD has retested the weekly pivot (1.3865) registering only a false breakdown with great separation below it. Now is back near the weekly R1 (1.3927) level which represents strong static resistance.
It’s trapped within a minor down-channel pattern. Failing to come back and retest the downside line of this formation indicates a bullish pressure.
Conclusion!
A valid breakout above the R1 and through the minor downtrend line could signal further growth ahead.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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