It took awhile for Cable to finally mount a rally above the 1.3000 handle. That price was resistance multiple times in March, but it wasn't until the next month that prices were able to finally sustain a push above the big figure. It wasn't exactly a clean trend, especially considering the sell-off on April 4th, which broke through a number of supports; but the response that was intense as GBP/USD jumped back-above 1.3000 and ran all the way into 1.3250.
Which presents us with the current scenario...
Wednesday brought an indecision candle right at that psychological level and so far today on Thursday, there's more indecision showing. This doesn't necessarily portend reversal but it does highlight that bulls may want to try to be patient here and look for a pullback.
For support, both the Fibonacci level at 1.3105 and the psychological level at 1.3000 were resistance on the way up but have yet to show support after the breakout. Bulls holding higher-lows at either of those spots keeps the door open for continuation into longer-term resistance around Fibonacci levels at 1.3328 and 1.3414. - js
Which presents us with the current scenario...
Wednesday brought an indecision candle right at that psychological level and so far today on Thursday, there's more indecision showing. This doesn't necessarily portend reversal but it does highlight that bulls may want to try to be patient here and look for a pullback.
For support, both the Fibonacci level at 1.3105 and the psychological level at 1.3000 were resistance on the way up but have yet to show support after the breakout. Bulls holding higher-lows at either of those spots keeps the door open for continuation into longer-term resistance around Fibonacci levels at 1.3328 and 1.3414. - js
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.