GBPUSD readies to tackle an important resistance - Technical Analysis - 04-02-2016
GBPUSD kept advancing in the short term and intraday levels, with the positive support of the SMA50, which led it to breach the resistance of 1.4522 previously, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the medium term (from 1.5239 to 1.4079), with the guidance of the upward correctional in the short term, while relative power indicators plunged as to vent off the overbought saturation that was apparent earlier in them. The pair then readied to attack the next resistance of 1.4659.
Therefore we expect more gains to come for the pair, especially if the resistance of 1.4659 is breached, targeting thereafter the resistance of 1.4796, which represents the ratio 61.8% of the same retracement levels.
Trend
Bullish