USD/GBP bullish with a cup pattern
Hello everyone , as we all know the market action discounts everything :)
The USD/GBP looking bullish with a completion of a cup and handle with conformation of the pattern when the price breached the resistance level at 0.72533 , The USD showing great momentum against the GBP , the price is moving up after a piercing candlestick pattern happened last week.
The US dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.67% to 92.97 in the last 5 days .
using different indicators to confirm this movement where we see that :
1_The market price 0.73427 moving above the MA at 0.71908 and EMA at 0.72240 (bullish sign)
2_The RSI is at 56.32 showing that the market is strong and gaining more momentum by the day with no divergences between the market and the RSI
3_ADX at 27.14544 showing that the market is trending with a bullish crossover between DI+ and DI- where DI+ 20.40116 and DI- 15.25323.
Support & Resistance points :
support Resistance
1_ 0.7210 1_0.7289
2_ 0.7160 2_0.7318
3_ 0.7131 3_0.7368
Fundamental point of view :
The British pound has gotten hammered again during the course of the trading session on Tuesday as we continue to see the US dollar pick up strength against almost everything. At this point, it is likely that we will see negative pressure, and I think that short-term pressure continues to pick up, and at this point in time the market is likely to continue to see bearish pressure on anything that is not a US dollar, due to the fact that the bond market continues to attract a significant amount of money, and as a result more of those dollars are needed.
_____________________________________________Make sure to Follow and Like for more content_____________________________________________
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
The USD/GBP looking bullish with a completion of a cup and handle with conformation of the pattern when the price breached the resistance level at 0.72533 , The USD showing great momentum against the GBP , the price is moving up after a piercing candlestick pattern happened last week.
The US dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.67% to 92.97 in the last 5 days .
using different indicators to confirm this movement where we see that :
1_The market price 0.73427 moving above the MA at 0.71908 and EMA at 0.72240 (bullish sign)
2_The RSI is at 56.32 showing that the market is strong and gaining more momentum by the day with no divergences between the market and the RSI
3_ADX at 27.14544 showing that the market is trending with a bullish crossover between DI+ and DI- where DI+ 20.40116 and DI- 15.25323.
Support & Resistance points :
support Resistance
1_ 0.7210 1_0.7289
2_ 0.7160 2_0.7318
3_ 0.7131 3_0.7368
Fundamental point of view :
The British pound has gotten hammered again during the course of the trading session on Tuesday as we continue to see the US dollar pick up strength against almost everything. At this point, it is likely that we will see negative pressure, and I think that short-term pressure continues to pick up, and at this point in time the market is likely to continue to see bearish pressure on anything that is not a US dollar, due to the fact that the bond market continues to attract a significant amount of money, and as a result more of those dollars are needed.
_____________________________________________Make sure to Follow and Like for more content_____________________________________________
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.