GBP/USD Bullish Scenario Is Intact!

28 April 2021 | Updated: 28 April 2021

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.

 

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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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.