+447418397959 | premiuminvestmentservices@gmail.com

GBP/USD: Upsurge testing major resistance

The GBP/USD pair rallied around 125 pips intraday in reaction to the latest UK political developments and jumped to over one-week tops, around the 1.3070 region on Thursday. Haresh Menghani from FXStreet sees a fresh trigger for bullish traders.

Key quotes

“The cable now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band through the Asian session on Friday.”

“The overnight upsurge stalled near 50-day SMA hurdle. Some follow-through buying above the mentioned barrier might be seen as a fresh trigger for bullish traders and set the stage for a possible move beyond the 1.3100 round-figure mark, towards testing its next major hurdle near the 1.3145-50 region.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Original Article

About the Author

Leave a Reply