GBP/USD:-Potentical Rounding bottom pattern

June 7 , 2018

 

Earlier pair was heading south side and was making successively lower low and lower highs but after arriving at 1.3200 level we have seen strong demand for bulls. Bulls made a strong counter attack on the bears and took the pair at 1.3430 level which is above all the moving averages for the time being.

 

Well bulls have changes the bias from bearish to bullish and odds are in favor of bulls so we will keep our bias bullish on the pair as long as 1.3200 level remains intact. Well a breakout of downtrend line has appeared with strong bullish sentiments and a bullish marabuzo along with engulfing candlestick on the daily technical chart.Well it’s just an initial signal for bulls and we may get further confirmation above 1.3500 level.

 

 

Although more recent GBP-specific ebbs and flows have been driven by the sharp re-pricing of Bank of England policy expectations, we expect the focus for the pound over summer to shift back to Brexit politics

 

A clear bullish breakout on MACD indicator is also favoring the bulls and generating bullish signal. RSI is also supporting the bulls from the positve territory. The 1.3650 level could be seen as immediate resistance level followed by 1.3750 level whereas 1.3200 level is strong key support level.

 

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