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GBP/USD – Trading In An Upward Trend

Published 03/14/2016, 07:15 AM
Updated 02/02/2022, 05:40 AM

The GBP/USD pair is trading above its upward trend line on a 4 hour time frame. This confirms that the trend is biased towards the upside. Moreover, we are trading above the 50 and 100 day moving averages shown in yellow and red color respectively. This is a further confirmation of the above argument. As long as we stay above these averages, the bulls remain in control of the price action.

The RSI is trading in line with the price action and this confirms that the current price has a momentum behind it, however, it is important to emphasize that we are trading near the overbought zone and this could derail the momentum which we are experiencing.

Important Zones

Important Zones

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