The GBP/USD is trading above its upward trend line on a 30 minute time frame. The price has bounced from its support zone as predicted however, it seems like that it is going to visit this level once again. If the price forms any reversal pattern in this zone, then there could be a strong possibility that the upward trend could continue however, a break of this support could open the floor towards the next support zone.
The pair is trading below the 50 day (shown in green) and near the 100 day (shown in yellow) moving average which confirms that the bulls are struggling.
However, the RSI is showing a clear sign of divergence which mean that while the price making the lower low, the RSI is not confirming this. Therefore, the bias could be to the upside.
Important Zones
- Resistance Zone
1.6144-1.6129 Minor
1.6258-1.6238 Major
- Support Zone
1.5984-1.5968 Major
1.6067-1.6051 Minor