GBP/USD: 34 Moving Average acts as resistance

GBP/USD: 34 Moving Average acts as resistance


We've got a "V-Bottom", which pushed the price to the nearest resistance at 1.3150. The 89 Moving Average is likely going to act as resistance in the short term. If we have a pullback from this line, bears will probably try to test the closest support at 1.3120 - 1.3081.


There's a "Double Bottom", which has been confirmed. At the same time, the 34 Moving Average acts as resistance, so bears are likely going to reach the nearest support at 1.3109 - 1.3087 during the day. This area could be a departure point for a bullish price movement towards the next resistance at 1.3182 - 1.3208.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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