Sun, Dec 04, 2022 @ 16:14 GMT
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GBP/USD Poised for More Gains

Price posted little gains today and stays below the 1.3057 yesterday’s high, technically is expected to increase further in the upcoming period. Is still shy on the short term and is waiting support from the fundamental factors, the US data could bring some action on this pair.

You should be careful in the afternoon as the US is to release the CB Consumer Confidence indicator, which could decrease from 118.9 to 116.5 points in July, while the Richmond Manufacturing Index is expected to remain steady at 7 points for the second month in July.

Price has come down to retest the upper median line (UML) of the major descending pitchfork and now is struggling to extend the latest gains. Technically should climb much higher in the upcoming period if will stay much above the UML and above the 1.2932 previous low.

Personally, I would like the price to come down to retest also the first warning line (wl1) of the ascending pitchfork before will climb towards new highs, well have a perfect buying opportunity if will retest the confluence between the UML and the wl1.

The next upside target will be at the 150% Fibonacci line (ascending dotted line), resistance can be found at the upside line of the ascending pitchfork as well.

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