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GBP/USD US session outlook - needs break above 1.4636

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
Pair's rebound from hourly 200-MA did result in a test if 1.4549 levels as anticipated in European session outlook. Prices managed to take out 1.4549 and clock a high of 1.4619. The spot currently trades around 1.4608 levels.

Bulls now need a bullish break above 1.4636 (38.2% of 1.5930-1.3835+ symmetrical triangle resistance), preferably on day end closing basis as that would open doors for a re-test of May 3 high of 1.4770.

The likelihood of such a move is high given a nice rebound from hourly 200-MA has kept the rising bottom formation intact on the daily chart as -
  • The larger falling trend line has been breached as well. 21-day EMA and 55-day EMA have confirmed a bullish crossover earlier this month.
  • Today's rebound is from 21-day EMA.
  • Plus, hourly chart also now shows 21-EMA and 55-EMA bullish crossover.

Hence, as of now it looks like only a sudden spike in "exit" vote in Brexit polls could rattle GBP.


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