GBPUSD; Bulls Engaging The Downtrend line

FX:GBPUSD   British Pound / U.S. Dollar
68 0 3
Technical Analysis:

The downtrend line is capping the upward pressure so far. Bulls need to break decisively 1.3050 to keep the bullish scenario intact. I favor bullish outlook as long as the 1.2916 support holds. Breaking down the 1.2916 means the upward channel is broken and a massive decline will be expected in that case. MACD is turning positive but it might just be a ZLR.

Fundamental Analysis:

With FOMC on hold, focus is on Brexit-related issues. East European countries oppose giving any privilege to Britain and this makes the divorce process hard.

Good luck,

Ali             Sharifazadeh, CFTe

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