GBP/USD: developing consolidation

GBP/USD: developing consolidation

22-5-2017-GBP-H4.png

We've got an upward consolidation, which is developing between the 34 Moving Average and resistance at 1.3023. It's likely that the pair is going to move up towards the closest resistance at 1.3090 - 1.3120. If we see a pullback from this area, bulls will probably try to test support at 1.2945 - 1.2913.

22-5-2017-GBP-H1.png

The 34 Moving Average has acted as support, so the price is consolidating. Therefore, the market is likely going to test the 55 Moving Average in the short term. If a pullback from this line happens, there'll be an opportunity to have an upward price movement in the direction of the next resistance at 1.3047 - 1.3057.

gbp

Similar

GBP/CAD targeting lower levels

It seems the GBP/CAD looks forward to resume the bearish bias in the short-term, as it has been correcting the cycle started from May 18th and now, we can expect another leg higher to re-test the Fibonacci level of 50% at 1…

Popular

Morning brief for June 2

Today’s news headline is that Trump officially announced the withdrawal of the US from the Paris climate agreement…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera