Friday 1 May 2015

GBP/USD: Is This The End Of The Bullish Trend?




GBP/USD climbed to impressive heights in the past week or so – the pair almost reached the previous high at 1.5550. Unfortunately, it could not break above the resistance at 1.5500, formed something of a double top and retracement began. Does this mean that the bullish trend is over? Personally, I highly doubt that is the case. In my opinion, this is only a temporary pullback and when the pair reaches the support at 1.5250 I will be on the lookout for candlestick patterns indicating a new movement to the upside, because GBP/USD is yet to test the resistance at 1.5550.

3 comments:

  1. I also think that this is a temporary pullback!

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  2. A pullback before another move upward.

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  3. Great anaylsis, thank you.

    ReplyDelete