GBP/USD rises 70 pips from the lows but meets hourly resistance
Hello traders, the 1.24 level has remained unbroken so far in GBP/USD. There have been quite a few bounce-ups from this level. GBP/USD rose up by 70 pips after touching the lows at 1.2407.
However, the small bullish impulse has meet with the hourly resistance at 1.2480 level and moved lower. So the immediate hurdle for the bulls is at 1.2480 level . Bulls need to break this level and consolidate above it for uptrend to continue.
At current price levels, it is better to avoid trading as the price action looks messy at the moment.
However, the small bullish impulse has meet with the hourly resistance at 1.2480 level and moved lower. So the immediate hurdle for the bulls is at 1.2480 level . Bulls need to break this level and consolidate above it for uptrend to continue.
At current price levels, it is better to avoid trading as the price action looks messy at the moment.
Comment:
Traders who already bought at 1.2420 levels can hold their buys, breaking 1.2480 would lead to further uptrend
Comment:
Trying to break above the hourly resistance at 1.2480 but so far it has not broken
Comment:
Bulls trying to break the resistance once again. Note that in the 15 minute timeframe, price has climbed above the 100hour moving average
Comment:
Once again at the hourly resistance, today it may break