_VincentP_
Long

Bulls reign supreme again?

FX:GBPUSD   British Pound/U.S. Dollar
7 months ago
Pound closed the week on a positive note and engulfed the bearish tone of Wednesday and (especially) Thursday.
Price also broke above of purple trend line after already clearing the last leg down that gave us the low of this year.
RSI and stoch are bullish .

First hurdle next week is 1.45 with the next one being the high of beginning of February. Although I don't see that level as a major resistance and more of an inconvenience.

One thing to take note of is that price didn't clearly settle above 1.44 although it did try till the end. Maybe there just wasn't enough strength at the end of the week to break free and a new effort could be put in next week (given no news provide some sort of stimulus for the bears). On the other hand price did consolidate quite a bit between 1.4315 and 1.44. But unlike the euro             that continued to fall after the ECB meeting on Thursday, the Pound showed resilience resulting in the higher close on Friday.

Overall I'm Bullish for the coming week with targets at 1.45, 1.4670 - 1.47 and 1.4950.

7 months ago
Comment: 1.4670 Was touched but isn't broken yet. We could see a reversal here upon renewed brexit fears. But that is something we will see next week.
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