GBPUSD (1H) - short term bullish bias
The cable has been surfing on tailwinds after it broke above the critical level of 1.3000. The RSI indicator has entered the over-bought area for the second time in two days and we may expect some consolidation on the way. The directional bias is still skewed to the upside though and there is no sign of reversal or correction yet. Those who are looking to sell into strength might need to be cautious as more trend followers could be lurking around the moving averages and the support level of 1.3100.
Key support: 1.3100
Key resistance: 1.3180
The cable has been surfing on tailwinds after it broke above the critical level of 1.3000. The RSI indicator has entered the over-bought area for the second time in two days and we may expect some consolidation on the way. The directional bias is still skewed to the upside though and there is no sign of reversal or correction yet. Those who are looking to sell into strength might need to be cautious as more trend followers could be lurking around the moving averages and the support level of 1.3100.
Key support: 1.3100
Key resistance: 1.3180