Forex analytics and overview

GBP/USD Aims for a Bullish Breakout

2022.11.08 08:13

XM Group

GBP/USD Aims for a Bullish Breakout
GBP/USD Aims for a Bullish Breakout

GBP/USD returned to test February’s crucial descending trendline near 1.1535 after two strong consecutive bullish days.

The positive intersection between the 20- and 50-day simple moving averages (SMAs), if sustained, could increase hopes for a bullish trend reversal. In other encouraging signs, the RSI keeps hovering above its 50 neutral mark and the stochastics have changed course to the upside. Yet, the MACD has yet to climb above its red signal line, suggesting that further improvement is needed to confirm a bullish bias.

Hence, traders may eagerly wait for a decisive close above the trendline before they target the short-term resistance line near September’s high of 1.1737. Not far above, the 38.2% Fibonacci retracement of the 1.4248-1.0324 downleg could block the way towards the 1.2045-1.2145 constraining zone. Even higher, the spotlight will fall on the 50% Fibonacci of 1.2285, where the 200-day SMA happens to be.

Should the bulls lose control, the price may seek shelter within the 1.1250-1.1200 area formed by two ascending trendlines. Failure to bounce here and a clear extension below 1.1150 could fortify selling pressures towards the 1.0922 low. Beneath the latter, the price could tumble to meet the lower boundary of the broad bearish channel near 1.0660.

In brief, although the technical picture favors the bulls, GBPUSD will need a sustainable rise above 1.1535 to bring new buyers into the market.



Source link

GBP/USD Aims for a Bullish Breakout

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 69,095.51 1.56%
ethereum
Ethereum (ETH) $ 2,502.30 0.60%
tether
Tether (USDT) $ 1.00 0.26%
bnb
BNB (BNB) $ 570.14 0.70%
solana
Solana (SOL) $ 164.68 2.79%
usd-coin
USDC (USDC) $ 1.00 0.07%
xrp
XRP (XRP) $ 0.512028 0.67%
staked-ether
Lido Staked Ether (STETH) $ 2,501.98 0.63%
dogecoin
Dogecoin (DOGE) $ 0.158998 0.13%
tron
TRON (TRX) $ 0.167521 0.22%
cardano
Cardano (ADA) $ 0.354493 3.32%
the-open-network
Toncoin (TON) $ 4.88 1.33%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,977.22 0.35%
shiba-inu
Shiba Inu (SHIB) $ 0.000017 2.41%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,868.45 1.71%
avalanche-2
Avalanche (AVAX) $ 24.69 1.24%
weth
WETH (WETH) $ 2,501.69 0.63%
chainlink
Chainlink (LINK) $ 11.23 2.28%
bitcoin-cash
Bitcoin Cash (BCH) $ 346.81 2.22%
usds
USDS (USDS) $ 1.00 0.69%
sui
Sui (SUI) $ 1.98 0.14%
leo-token
LEO Token (LEO) $ 6.10 0.26%
polkadot
Polkadot (DOT) $ 3.89 1.31%
litecoin
Litecoin (LTC) $ 69.96 1.38%
near
NEAR Protocol (NEAR) $ 3.90 4.32%
aptos
Aptos (APT) $ 8.81 4.01%
uniswap
Uniswap (UNI) $ 7.61 0.28%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,629.61 0.63%
pepe
Pepe (PEPE) $ 0.000009 3.13%
internet-computer
Internet Computer (ICP) $ 7.75 1.23%
bittensor
Bittensor (TAO) $ 457.49 5.19%
dai
Dai (DAI) $ 1.00 0.13%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.22 5.58%
kaspa
Kaspa (KAS) $ 0.115452 0.58%
monero
Monero (XMR) $ 155.44 0.37%
stellar
Stellar (XLM) $ 0.092767 0.73%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.24%
ethereum-classic
Ethereum Classic (ETC) $ 18.40 0.78%
whitebit
WhiteBIT Coin (WBT) $ 18.93 1.03%
first-digital-usd
First Digital USD (FDUSD) $ 0.99329 0.50%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.316684 1.13%
blockstack
Stacks (STX) $ 1.59 3.36%
okb
OKB (OKB) $ 38.10 0.32%
dogwifcoin
dogwifhat (WIF) $ 2.20 7.84%
aave
Aave (AAVE) $ 141.23 0.66%
arbitrum
Arbitrum (ARB) $ 0.518305 1.38%
filecoin
Filecoin (FIL) $ 3.45 2.00%
crypto-com-chain
Cronos (CRO) $ 0.072865 0.19%
mantle
Mantle (MNT) $ 0.574347 4.03%
optimism
Optimism (OP) $ 1.52 5.89%