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GBP/USD technical analysis: Still struggling to make it through 1.2760 supply zone

2019-06-24 21:00

  • The GBP/USD pair continued with its struggle to make it through the 1.2760 supply zone, forming a bearish double-top chart pattern on hourly charts. 

  • Meanwhile, the downside remained cushioned amid persistent USD selling bias, though bulls lacked any strong conviction amid rising no-deal Brexit fears.



However, the fact that the pair has managed to find acceptance above 200-period SMA on the 4-hourly chart for the first time since early May and support prospects for an eventual bullish break through the mentioned barrier. 



Moreover, technical indicators on hourly charts have been gaining positive traction and have also recovered from the negative territory on the daily chart, adding credence to the constructive outlook and negating the bearish set-up. 



Despite the supporting factors, traders are likely to wait for a convincing break through the said hurdle before positioning for any further near-term appreciating move towards reclaiming the 1.2800 round figure mark.



GBP/USD 4-hourly chart







 


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.

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