Breaking out of 1.565 zone is crucial for Bat pattern completion
GBPUSD is trading inside an ascending trading channel.
This pair is currently struggling with a minor daily resistance zone - 1.565.
All of the SMA lines are below current price level and suppose to act as support once the price will touch them and that's a bullish signal that suggests that eventually $GBPUSD will break higher, perhaps to complete the bearish Bat and a bearish AB=CD near 1.585
In order to so so, $GBPUSD must overcome the 1.565 resistance zone.
In case that 1.565 will hold as resistance, this pair may re-test 1.555, the bottom of the channel and the 4H 200 SMA line
This trading scenario is part of this week's Weekly Markets Analysis - For more trading ideas check out the newsletters - goo.gl/jwBPQe
This pair is currently struggling with a minor daily resistance zone - 1.565.
All of the SMA lines are below current price level and suppose to act as support once the price will touch them and that's a bullish signal that suggests that eventually $GBPUSD will break higher, perhaps to complete the bearish Bat and a bearish AB=CD near 1.585
In order to so so, $GBPUSD must overcome the 1.565 resistance zone.
In case that 1.565 will hold as resistance, this pair may re-test 1.555, the bottom of the channel and the 4H 200 SMA line
This trading scenario is part of this week's Weekly Markets Analysis - For more trading ideas check out the newsletters - goo.gl/jwBPQe
