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GBP/USD – Pressing into weekly Pivot

FX:GBPUSD   British Pound / U.S. Dollar
Pair’s break above previous day’s high of 1.3091 followed by a rise to the weekly pivot level of 1.3112 adds credence to yesterday’s gains which were driven by the bullish price RSI divergence on the hourly and 4-hr chart.

However, the 5-DMA on the daily chart is still sloping downwards, suggesting this could be a bull trap. As long as the bird is above 1.3091, bulls have little reason to worry.

But buyers need to watch out for a rejection at the pivot point followed by a drop below 1.3091 as such a move could end up taking the pair back to 1.3050.
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