CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the High risk of losing your money.

GBP/USD technical analysis: Bid for 5th straight day, bulls need break above 1.2763

2019-06-24 11:20

  • GBP/USD is flashing green for fifth consecutive day. 

  • A close above 1.2763 would invalidate bearish lower highs pattern. 

  • The 14-day RSI is biased bullish. 



GBP/USD is trading on a positive note for the fifth straight day and is on track to test resistance at 1.2763 (June 7 high). 



A daily close above that level would invalidate bearish lower highs pattern and validate the bearish-to-bullish trend change signaled by pair’s recovery from 1.2506 to current rate of 1.2754, bullish crossover of the 5- and 10-day moving averages and 14-day relative strength index’s (RSIs) move above 50.00. 



A bullish close, if confirmed, would open the doors to former support-turned-resistance of 1.2866 (April 25 low). On the way higher, the pair may face resistance at the descending (bearish) 50-day moving average, currently at 1.2813. 



The bullish case would weaken if the pair violates the bullish higher lows pattern on the hourly chart with a move below 1.2642. 



Daily chart





Trend: Bullish



Pivot points





 



 


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

Economic news

    Exchange Rates

    GBPUSD -0.20% 1.30232
    EURUSD -0.30% 1.18152
    XAUUSD +0.08% 1902.99
    XTIUSD -1.77% 38.618
    NAS100 -1.85% 11429.8
    US30 -2.39% 27547.4