From the year 2003, it is observed that we have been on a down trend. Since the brexit trade deal, GBP has been gaining value which lead to the increase in price, We can see the rejection on the last candle due to its reaction with the current resistance. We can see a triple bottom formed and this has added to the upward trend we are experiencing now. We are looking at price breaking the resistance 1 and retesting the level (From our RSI, we will see that we are approaching the overbought level and will soon experience a downward pull back) before reaching resistance 2.
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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.