GBPUSD buy message for medium to long term
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GBP/USD maintained stability at 1.2700 early Tuesday after remaining largely unchanged during the week's opening session. While the technical outlook still suggests a continuation of the uptrend, the pair's price action could remain difficult ahead of key inflation data from the UK on Wednesday.
Technical analysis:
The bullish outlook is supported by a triangle price pattern, while the recent crossover of the 34 and 89 EMAs facilitates further upside. Therefore, the price trying to overcome downtrend resistance is gradually opening the door for a breakout.
About the breakthrough:
It is expected that after overcoming the resistance at 1.2847, the price is likely to consolidate at this level. A confirmation of this consolidation could take the price further to the next target of 1.3760 and 1.4256.
In short:
The chart is currently showing GBP/USD gradually forming a more positive pattern for short and long-term investors (and also putting pressure on those who are selling) with the prospect of a breakout subsequent breakthrough and growth. I appreciate this opportunity, especially in the context that the USD is showing signs of weakness that could happen at any time.
GBP/USD maintained stability at 1.2700 early Tuesday after remaining largely unchanged during the week's opening session. While the technical outlook still suggests a continuation of the uptrend, the pair's price action could remain difficult ahead of key inflation data from the UK on Wednesday.
Technical analysis:
The bullish outlook is supported by a triangle price pattern, while the recent crossover of the 34 and 89 EMAs facilitates further upside. Therefore, the price trying to overcome downtrend resistance is gradually opening the door for a breakout.
About the breakthrough:
It is expected that after overcoming the resistance at 1.2847, the price is likely to consolidate at this level. A confirmation of this consolidation could take the price further to the next target of 1.3760 and 1.4256.
In short:
The chart is currently showing GBP/USD gradually forming a more positive pattern for short and long-term investors (and also putting pressure on those who are selling) with the prospect of a breakout subsequent breakthrough and growth. I appreciate this opportunity, especially in the context that the USD is showing signs of weakness that could happen at any time.
Comment:
Financial markets appear to be entering a period of waiting for fresh momentum with the release of the UK Consumer Price Index and FOMC Minutes on Wednesday.
Comment:
On Wednesday, the UK's Office for National Statistics (ONS) will release Consumer Price Index (CPI) data for April. Investors expect annual CPI inflation to fall to 2.1% from 3.2% in March. A lower reading than market expectations could revive expectations of a BoE interest rate cut in June and put pressure on the British Pound while expectations Higher market expectations could quickly break resistance.
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