the daily chartist

Cable aiming for the top

published 1 year ago
GBP/USD Daily

 GBP/USD is in a downtrend still, but recently the price managed to pull from the bottom from 15.08 where it reached 1.26613. We are talking about a correction here, but for the past two days, the pair has made two good daily impulses as on Thursday we had a daily Bullish engulfing candle and on Friday the price managed to test 1.30562 and to move up. CCI and Stoch are on their crossovers as well so I think a move up is well backed up. For this to happen though, we need to see dollar losing further steam across the board so that we can see a test on the top line of the downtrend circa 1.31648. We are going to see resistance on the top line for sure, so don't hurry with opening any longs for potential breaches. We need to see more technical and fundamental for confirmation that we are going to see a reversal on the downtrend.