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3/31/2016 3:00:59 AM

GBPUSD hints at forming a positive pattern - Technical Analysis - 31-03-2016



GBP/USD rose in the intraday levels, trespassing the SMA for the last 50 days period, and benefiting from its positive support, with the pair hinting at forming a positive technical pattern that is contradictory to the main downward medium-term trend, the Inverse Head and Shoulders pattern, as shown in the attached chart, with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart, as the pair tries to start an upside correctional wave in the short term.

Therefore we expect more gains to come for the pair, provided it breaches the neck line of that forming positive pattern to confirm it, targeting directly afterwards the first resistance to meet it at 1.4675.


Target
Risk


Support
Resistance


Trend Bullish

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