GBP/USD: Intraday weakness is seemingly now a chance to buy [Video]
|GBP/USD
Although intraday moves reflect a degree of uncertainty with choppy trading on Cable, the direction of travel continues higher near term. The big question is whether the bulls can overcome key medium term pivot/resistance at 1.3000. As a run of positive closes builds, with the market pulling above 1.2860 (a September pivot) we see a positive bias within what is still a three week consolidation between 1.2670/1.3000. The bulls will though take encouragement from momentum, with RSI and Stochastics moving sharply higher and a bull cross now on MACD. This is setting up for pressure on 1.3000. Intraday weakness is seemingly now a chance to buy. Initially we see support around 1.2900 but any supported weakness towards 1.2860 looks to be a near term chance to buy for pressure on 1.3000 now. It would need a closing breakout above 1.3050 to confirm a bullish breakout. A failure below 1.2820 (yesterday’s low would flip the near term outlook negative towards 1.2670.
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.