GBPUSD Weekly analysis April 3rd - 7th
On a Weekly time frame, the market in an accumulation phase as it is in a sideways with 1.2770 as the resistance level and 1.2110 as the support level.
On a Daily time frame, the market shows sign of buying pressure and is about to break above SMA200. RSI is above 50 while MACD has printed above 0 level and its Signal Line is printed inside the histogram which suggests a bullish momentum.
Scenario A. A break above 1.2770 is a higher probability for buying opportunity
Scenario B. If the price rally towards 1.2760 and shows sign of bearishness then we probably see a continuation of sideways movement.
On a Daily time frame, the market shows sign of buying pressure and is about to break above SMA200. RSI is above 50 while MACD has printed above 0 level and its Signal Line is printed inside the histogram which suggests a bullish momentum.
Scenario A. A break above 1.2770 is a higher probability for buying opportunity
Scenario B. If the price rally towards 1.2760 and shows sign of bearishness then we probably see a continuation of sideways movement.
Note
Another option is, to find other GBP pairs (EURGBP, GBPJPY, GBPAUD and GBPNZD) as both GBP and USD are strong currencies since last week.
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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.
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.