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Trading analysis GBP/USD (a 4-hour chart)

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  • Trading analysis GBP/USD (a 4-hour chart)

    GBP/USD (a 4-hour chart)



    General overview

    The British pound maintained its bid tone flirting with its recent highs. The British pound was able to strengthen amid positive BBA Mortgage Approvals and the US dollar retracement.

    Current situation

    GBP/USD did not have enough momentum to reach the 1.2600 resistance. Bulls stopped at the mark 1.2565 being unable to push the spot higher. The pair stayed in a tight range of 50 pips during the European session. A bout of fresh selling interest emerged in the European morning. The Cable declined against the dollar heading towards 1.2500. The pair rebounded from 200-EMA and broke 50 and 100-EMA upwards in the 4 hours chart. The British pound continued developing well above the moving averages. The 50 and 200 EMAs pointed higher while the 100-EMA maintained its bearish slope in the same chart. The resistance lies at 1.2600, the support comes in at 1.2500.

    The MACD histogram grew which indicates buyers’ strength. The RSI indicator lost upward strength and moved downwards.

    Trading recommendations

    The bullish tone is likely to remain intact. A move above 1.2550 would revive bullishness towards 1.2600 – 1.2650.
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