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.
I also think that this is a temporary pullback!
ReplyDeleteA pullback before another move upward.
ReplyDeleteGreat anaylsis, thank you.
ReplyDelete