GBP/USD: Looking to break through 1.30 resistance [Video]

Richard Perry Independent Analyst

GBP/USD

After some consideration around the 1.3000 resistance, Cable is looking to break through the barrier of 1.3000/1.3050. These were the old lows of August which have since been a basis of resistance for the past month. If the bulls can now break clear above 1.3050 then it would be a strong statement for further gains. Already we see momentum building positively, with the Stochastics especially moving into bullish configuration. If the RSI can move into the 60s and MACD lines accelerate above neutral, then the bulls are in control once more. Initially, trading consistently above 1.3000 would be a strong signal, with a close above 1.3050 being a breakout. The support at 1.2845 is now a near term key higher low. There is certainly an argument for saying this is already a base pattern formation (or upside break from a consolidation rectangle) which would imply +330 pips towards 1.3330 in the coming weeks. If the Brexit trade talks go well, this is a definite possibility.

Author

Richard Perry

Independent Analyst

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