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GBP/USD: Is the pair going to continue its bullish journey?

EagleFX

GBP/USD has been bullish on the daily chart. The pair produced a bullish Marubozu candle yesterday. Thus, the buyers have been eyeing on the pair to go long in the pair. The pair has been bullish in the intraday charts today. Two major intraday charts, the H1, and the H4 seem to be bullish. Thus, the pair may end up producing another bullish candle on the daily chart today. Let us have a look at those three major charts.

Chart 1 GBP/USD Daily Chart


The chart shows that the price had a bounce at 1.20930. It produced a bullish inside bar but produced one more bullish candle. The price made a bearish correction. Upon finding its support at 1.21600, it has been heading towards the North with good bullish momentum. Yesterday’s candle came out as a bullish Marubozu candle. Thus, intraday buyers may look to go long in the pair. The chart shows that the price may find its next resistance around 1.26000.

Chart 2 GBP/USD H4 Chart


The chart shows that price headed towards the North with good bullish momentum. It consolidated and made a breakout at 1.23600. Since then, the price has kept making higher highs. It had a rejection at 1.25200 and produced a bearish engulfing candle. As of writing, the price has been bullish in the current H4 candle. If an H4 candle comes out a bullish engulfing candle, the buyers may add more positions and push the price towards the North. The price may find its next resistance at 1.26500. On the other hand, if consolidation resistance produces a bearish reversal candle, the sellers may go short in the pair below 1.24775. The price may find its next support around 1.24000.

Chart 3 GBP/USD H1 Chart


The H1 chart shows that the price after being bullish had a bearish correction. The level of 1.24800 has been working as a flipped support. The level has already produced a bullish engulfing candle. The next candle closed above the H1 resistance. The buyers may have been waiting for the breakout confirmation. They may go long once the price makes a bearish correction at other minor charts.

The daily, the H4, and the H1 chart are bullish biased. However, the nearby daily resistance may hold some buyers back. Nevertheless, the buyers hold the key. Since the intraday charts look good for the bull, thus the pair may end up producing a bullish candle. If it closes above the daily resistance, then the pair may make a long journey towards the North.

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