GBP/USD: Bulls have become too aggressive, rigid to arrive at 1.3500 level

By looking at the daily technical chart we can see that pair is heading towards north side and the way pair is dominating the bulls at every nook and corner it seems like they are approaching the 1.3500 level in near term. Well bulls are looking like they are party mood and they are not going to stop in early stage. As we can see that a big bullish marabuzo candlestick has been formed on the daily technical chart which is providing us bullish signal.

The 1.3300 level seems as strong resistance level if bulls able to break this level then we may say that the 1.3500 level is a cake walk and bulls will mark a fresh year 2019’s high. There are high chances that bulls will break this resistance level today itself. Well in our last report also we mentioned to buy the pair around 1.3000 level we are expecting that our readers must have made smart profit from this move.

From technical prospective we can see that a downtrend line was lying on the daily technical chart which has been breached out already and bulls have given us valid breakout of that level and even bulls survived above that level but after few days it came down and everyone was thinking that it was a false breakout but we were pretty sure that bulls are coming down to retest the mentioned downtrend line and eventually we saw the same.

The pair is trading and sustaining above the crossed moving average lines. From technical point of view, group of bullish marabuzo candlesticks are strengthening the bulls. Odds are in favor of bulls and intraday bias remains bullish on the pair as long as 1.2900 level remains intact.

Well this counter attack from bull’s side is a trend reversal and trend has been changed from bearish to bullish. A bullish crossover on the MACD indicator is providing us bullish signal. RSI is also supporting the bullish sentiments from positive territory. The 1.3400 level is immediate resistance level followed by 1.3500 whereas 1.3200 level is strong key support level followed by 1.3100 level.

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