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GBP/USD - bullish break, could be a trap

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
GBP/USD             fell below hourly 50-MA and made move towards rising trend line as anticipated, but turned from half way through as it found bids near 1.4533 (50% of 1.5230-1.3835). Hourly chart now shows bullish break from falling expanding channel. However, spot faces strong resistance around 1.4617 and 1.4633.

  • If taken out another hurdle is waiting around 1.4669. Only a daily close above 1.4669 would signal continuation of the rally.
  • Till then, caution needs to be observed as selling pressure may emerge anywhere between 1.46-1.4669 levels.
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