GBP/USD once again tried & failed to breach resistance at 1.3900 this morning.
Price is trading in a tight range between 1.3850 & 1.3950 awaiting it’s next move.
The bulls are trying to reverse the downtrend and a firm breach of resistance of 1.3900 could see price continue to rise towards 1.3950. The bears are noticeably losing strength, while the bulls are becoming more aggressive.
Price is now trading above 50 & 100MA on the 4Hr which is another positive sign. If price manages to hold above support at 1.3850 this could incentivise the buyers as the momentum shifts to the upside.
In the opposite direction renewed Dollar strength is currently halting the upside, Brexit & Covid headlines remain in focus.
Critical Support at 1.3750 & resistance at 1.4000 remain the gate keepers for the longer term direction of the pair.
US CPI at 12.30pm.
Support: 1.3850 – 1.3800
Resistance: 1.3900 – 1.3950
Price is trading in a tight range between 1.3850 & 1.3950 awaiting it’s next move.
The bulls are trying to reverse the downtrend and a firm breach of resistance of 1.3900 could see price continue to rise towards 1.3950. The bears are noticeably losing strength, while the bulls are becoming more aggressive.
Price is now trading above 50 & 100MA on the 4Hr which is another positive sign. If price manages to hold above support at 1.3850 this could incentivise the buyers as the momentum shifts to the upside.
In the opposite direction renewed Dollar strength is currently halting the upside, Brexit & Covid headlines remain in focus.
Critical Support at 1.3750 & resistance at 1.4000 remain the gate keepers for the longer term direction of the pair.
US CPI at 12.30pm.
Support: 1.3850 – 1.3800
Resistance: 1.3900 – 1.3950