GBP/USD: Intraday weakness is seemingly now a chance to buy [Video]

Richard Perry Independent Analyst

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.

Author

Richard Perry

Independent Analyst

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