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GBP/USD: Does the Bull resume its run?

EagleFX

GBP/USD has been bullish in the daily chart. The price upon producing a bullish engulfing candle made a bullish move. It consolidated for a while and produced another bullish candle yesterday. The H1 and the H4 chart look bullish biased as well. Thus, the pair may continue its bullish journey. Let us now have a look at those three charts.

Chart 1 GBP/USD Daily Chart


The chart shows that the price after being bearish had a bounce at the level of 1.23000. It produced a bullish engulfing candle and headed towards the North. It consolidated around a significant level, but yesterday’s candle breached consolidation resistance. The candle closed with a bullish body having a relatively long upper shadow. The buyers may go long above yesterday’s highest high and drive the price towards the North. It may find its next resistance 1.27500.

Chart 2 GBP/USD H4 Chart


The chart shows that the price has been heading towards the North. It made a breakout at the level of 1.25350 and traded above the level for several candles. Now the price has been roaming around the level. If it produces a bullish reversal candle, the buyers may go long above the level of 1.25900. The price may find its next resistance around 1.26900. In case of a bearish breakout at 1.25350, the price may find its support around the level of 1.24240.

Chart 3 GBP/USD H1 Chart


The chart shows that the price made a strong bullish move. On its way, it made a breakout at the level of 1.25330. Upon getting a rejection around 1.25900, it made a bearish correction and found its support at 1.25330. The pair is trading around the level. The buyers may wait for a bullish reversal candle to go long in the pair. The price may find its next resistance around 1.26000. The buyers may go long more aggressively above the level of 1.26000. Since the daily and the H4 chart are bullish biased, the buyers may consider taking partial profit and let the rest of the trade run to grab more pips. On the contrary, if the price makes a bearish breakout at 1.25330, the price may head towards the level of 1.25100.

All these three charts look good for the bull. The next daily resistance may allow the price to make a long bullish wave. Thus, the pair may end up producing a bullish daily candle, which may make the pair remain bullish in the coming days.

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