GBP/USD – Bullish price-RSI divergence

FX:GBPUSD   British Pound / U.S. Dollar
Resistance - 1.3352, 1.3427, 1.35-1.3567

Support – 1.3296, 1.3226, 1.3119

PatternBullish break from falling channel on 15-min chart & bullish price RSI divergence on hourly

  • Pair’s bullish break from falling channel on 15-min chart coupled with a bullish price RSI divergence indicates a corrective rally may have resumed and prices could test 1.3427 (hourly 50-MA). If taken out, the pair could extend gains to 1.35-1.3567 (23.6% of Brexit fall).
  • Only a day end closing above 1.3567 would signal a short-term bottom is in place at 1.3119.
  • On the other hand, a failure to take out/sustain above 1.3352 (hourly chart resistance) followed by a break below 1.3296 would shift risk in favor of a re-test of yesterday’s low of 1.3119.
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