GBP/USD: 50MA acting as strong support for short term upsides

Francesco Bergamini OTB Global Investments

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.

Author

Francesco Bergamini

OTB Global Investments

Francesco, BSc Finance and Msc in Business Management, graduated with Merit, is a professional with experience in the financial services industry and a keen interest in the financial markets.

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