The GBP/USD is trading in an upward channel on a 30 minute time frame. The price has not broken its upward trend line of this channel which confirms that the uptrend is intact. Moreover, the pair is trading above the 50 day (shown in green) and the 100 day (shown in yellow) moving averages which confirm that the bulls are still in control. The volatility for the pair is high, as it is piercing the Bollinger band, but this piercing of the Bollinger band is not taking place at an important level of resistance.
The RSI is trading inline with the price action which means that the bias could be to the downside but it is trading in an extremely overbought zone, indicating that the upward trend could pause or reverse its trend.
Important Zones
Resistance Zone
1.6036-1.5997 Major
1.16179-1.6146 Major
Support Zone
1.5799-1.5769 Minor
1.5583-1.5557 Major
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam