GBPUSD Weekly analysis April 3rd - 7th
On a Weekly time frame, the market in an accumulation phase as it is in a sideways with 1.2770 as the resistance level and 1.2110 as the support level.
On a Daily time frame, the market shows sign of buying pressure and is about to break above SMA200. RSI is above 50 while MACD has printed above 0 level and its Signal Line is printed inside the histogram which suggests a bullish momentum.
Scenario A. A break above 1.2770 is a higher probability for buying opportunity
Scenario B. If the price rally towards 1.2760 and shows sign of bearishness then we probably see a continuation of sideways movement.
On a Daily time frame, the market shows sign of buying pressure and is about to break above SMA200. RSI is above 50 while MACD has printed above 0 level and its Signal Line is printed inside the histogram which suggests a bullish momentum.
Scenario A. A break above 1.2770 is a higher probability for buying opportunity
Scenario B. If the price rally towards 1.2760 and shows sign of bearishness then we probably see a continuation of sideways movement.
Comment:
Another option is, to find other GBP pairs (EURGBP, GBPJPY, GBPAUD and GBPNZD) as both GBP and USD are strong currencies since last week.
