This week has marked an easy gainer for the GBPUSD, lifting from opening prices near 1.3020, and sequential higher lows and providing a nice jumping-off point for reloading buys. What is next? Gain insight into the following technical analysis.
November 7, OctaFX – The past twenty-four hours have seen the GBPUSD take steps higher, largely fueled by staunch hopes for a last-minute Brexit deal, but 1.3100 is proving to be something of a bear trap heading into the mid-week inflection point.
The British pound has surged above the 1.3100 level against the US dollar after the US mid-term elections results caused the greenback to sell-off across the board.
The GBPUSD pair is strongly bullish while trading above the 1.3100 level, with the 1.3200 level the next large resistance barrier ahead.
Technical Analysis: GBPUSD Watching MACD Divergence
Caution is advised, as the GBPUSD pair is showing negative MACD price divergence on the one-hour time frame.
- The GBPUSD pair is strongly bullish while trading above the 1.3100 level, key resistance is now found at the 1.3145 and 1.3200 levels.
- If the GBPUSD pair moves below the 1.3100 level, sellers may test towards the 1.3060 and 1.3040 support levels.
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