GBP/USD Bullish Scenario Is Intact!

GBP/USD edged higher in the last hours and it could validate further growth soon. The rate has moved sideways in the short term accumulating more bullish energy. USDX’s current sell-off ahead of the FOMC forces the greenback to drop versus its rivals.

The US Dollar Index maintains a bearish outlook after the most recent temporary rebound. The USD was somehow expected to increase a little after better than expected CB Consumer Confidence data.

The FOMC Statement and FOMC Press Conference could bring high action on all markets tonight.

GBP/USD H4 Chart Technical Analysis!

GBP/USD has decreased a little from above the ascending pitchfork’s median line (ml) to retest the 23.6% level. The bias is still bullish as long as the pair stays within the ascending pitchfork’s body.

GBP/USD New Long Opportunity

A valid breakout above the 1.3918 static resistance could really signal further growth in the short term. The price’s failure to reach and retest the black downtrend line signals strong buyers. The lower median line (lml) is seen as a dynamic support.

Conclusion!

Its failure to stabilize under 23.6% followed by a new higher high could indicate more gains towards the R1 (1.3987) and up to the median line (ml) of the ascending pitchfork.

 

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