GBP/USD: bears broke trend

GBP/USD: bears broke trend


The pair faced support at 1.2755, so there's a "Double Bottom", which has been confirmed. Nevertheless, bulls couldn't break resistance at 1.2887, which means there's an option to have another decline towards the next support at 1.2816 - 1.2774. If a pullback from these levels happens afterwards, bulls will probably try to test the 55 Moving Average.


We've got a "V-Bottom", so the price is consolidating along the 55 Moving Average. In this case, the market is likely going to decline in the direction of support at 1.2816 - 1.2793. However, if we have a pullback from this area, there'll be a green light for another test of the 55 Moving Average.



EUR/GBP holding the 65% Fibo zone

EUR/GBP consolidates the price action above the Fibonacci zone of 65%, which is currently being held due that it’s proven to be a strong nut to crack across the board…


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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