GBP/USD Technical Analysis: Bulls Attempting to Resume Uptrend

Technical Market Outlook:

Technical Market Outlook:

The GBP/USD pair has hit the technical support located at the level of 1.2698 and the bulls keeps trying to bounce higher to resume the up trend. The local low was made a few pips lower at 1.2684 and will act as the intraday technical support. The 50 MA will provide the dynamic resistance for bulls around the level of 1.2766 when the up trend is resumed.

The weak and negative momentum on the H4 time frame chart support short-term bearish outlook for GBP, but the bulls keep trying to move up. The pull-back might evolve into a full-blown correction if the level of 1.2684 is broken.

InstaForex

InstaForex es una marca internacional creada en 2007. La compañía brinda servicios para las operaciones de divisas en línea y es reconocida como uno de los brókers líderes en el mundo. Nos hemos ganado la confianza de más de 7,000,000 traders minoristas, quienes ya han apreciado nuestra confiabilidad y enfoque en la innovación.

Topics

correction uptrend GBP/USD pair pull-back local low technical support technical market outlook 50 MA intraday support bearish outlook weak momentum negative momentum dynamic resistance bounce higher H4 time frame

Table of contents

Technical Market Outlook:

InstaForex

Topics