TECHNICAL VIEW

  • GBPUSD rejected thrice at 50DMA and trading between interesting trend lines on the four-hour chart. A foot print above 1.2980 opens to 1.3030 and 1.3080. Safe buying available only above 1.3030. The daily oscillator remains bullish. Earlier we have advised a bullish trade at 1.2800 with a target at 1.2940/1.2960. The cable made a high at 1.2978.

  • GBPAUD and GBPCAD currently trading on a verge of a breakout through the descending trend line on the daily chart. GBPAUD already gave a range breakout of 190 pips.

  • GBPNZD spotted with an inverse H&S pattern on the H4 chart. The pattern target aiming at 1.8040, 1.8100 and 1.8140, On the daily chart a clear breakout visible through a symmetrical triangle. A strong close above 1.8000 major trend reversal is highly likely. In this case 1.8150 and 1.8350 possible. 

It is important to always keep in mind the risks involved in trading with leveraged instruments.

What is your Technical View?

Do you have a different idea? Please leave us a comment and get an answer from our professional analysts.