GBP/USD Price Analysis: Cable fails to reach the weekly resistance target for now
- GBP/USD has pushed 0.13% higher but it could have been much better.
- The bulls tried to attack 1.3515 but fell just short.
GBP/USD weekly chart
GBP/USD is having another positive session on Tuesday but the bulls have lost some momentum recently. At its highest point, the pair was trading 0.88% higher and at one stage of the day, GBP/USD was trading at 1.3483.
Looking at the chart now, it is clear to see how close the pair was to the weekly resistance zone marked in black at 1.3515. Now there has been some bearishness the next potential major support level is at the green line near 1.3268. This support zone is also important on the daily chart as it was a small consolidation high point on 19th August. There is also the downward sloping trendline around and this could also provide some support.
The indicators are still looking pretty bullish at the moment. The Relative Strength Index is above the 50 area and there is still room to move higher. The MACD histogram is green and the signal lines are above the midpoint with blue above red.
The price is still in a bullish trend and if this is to be the start of a trend reversal a break of 1.3268 would be a good start. For now, until further confirmation, the "buy on dips" philosophy is still in play and the non-farm payroll data on Friday could be very important.
-637345767236571414.png)
Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
