THE GBP/USD pair is trading in its major resistance zone (mentioned below) which could reverse/pause this uptrend. The price action is also approaching the upper line of the rising channel, which could act like the upper trendline. The volatility for the pair is also increasing, as the price is nearly piercing the Bollinger band® . Piercing of the Bollinger Band® at an important level is usually considered by traders as an odd enhancer, and this could start a downtrend.
GBP/USD M30" title="GBP/USD M30" width="1419" height="739">
The RSI is showing the clear sign of deflection in relation to the price action, which means strong bias could be towards the downside.
Important Levels
Support Zone
1.5067-1.5020 Major
1.5409-1.5388 Minor
Resistance Zone
1.5510-1.5554 Major
1.5686-1.5648 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