GBP/USD Upside Continuation In Cards!

Olimpiu Tuns
30 August 2021 | Updated: 30 August 2021

GBP/USD rallied after reaching 1.3733 today’s low. In the short term, it’s still bullish despite the temporary decline. The Dollar Index is bearish, so it could drop anytime again. Technically, we can still search for long opportunities in GBP/USD.

The USD has taken a hit from the US Pending Home Sales indicator which has registered a 1.8% drop in July even if the specialists have expected a 0.5% growth.

GBP/USD Technical Analysis!

GBP/USD has decreased a little after reaching the median line (ML). The median line was seen as a dynamic resistance. Now, it has found support in the daily pivot point (1.3738) level. Technically, making a valid breakout through the median line (ML) could signal an important upwards movement.

A new higher high after its failure to reach and retest the ascending pitchfork’s lower median line (lml) could signal upside continuation.

Conclusion!

The current decline could be only a temporary one. Jumping and stabilizing above the median line (ML) could activate further growth.

 

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

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.