GBP/USD: 50MA acting as strong support for short term upsides
|Cable has entered in this strong consolidation phase between 1.40500 and 1.42421. These recents moves have allowed the 50MA to sloping up and act now as a strong level of support.
MACD, despite decreasing for the last month is showing now a better momentum that could support an upside move. The RSI is now at 50, level that acted before as support for moves to the upside.
For the short term, we remain bullish given the recent test of 1.40500.
Entry 1.41000.
Target 1.4200.
Stop-loss 1.4050.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.