GBP is gaining upward momentum lifted by preliminary GDP estimates and that could be aditional signal that UK economy is recovering. FED is still undecided about the dates for a rate hike. Latest statement cleared out that FED officials want to see further job market gains before the hike.
1.5570-80 zone shows strong confluence. Pullback towards POC zone (L3,50.0,ascending trend line, inner trendline) could be used for long entries, however keeping in mind that any momentum break or 4H close below 1.5545 could initiate bearish pressure towards 1.5500. General intraday trend is bullish and GBPUSD should target 1.5560 and 1.5710. Adding to a bullish zig zag MACD has just crossed above 0 line and its signaling for a possible bullish momentum.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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