Tue, May 18, 2021 @ 11:06 GMT
Home Contributors Technical Analysis GBP/USD Outlook: Trend Reversal Signal Expected On Break Of Nearby Key Barriers

GBP/USD Outlook: Trend Reversal Signal Expected On Break Of Nearby Key Barriers

Cable advances for the sixth straight day and hit new nearly two-week high in early European trading on Monday.

Bulls cracked pivotal Fibo barrier at 1.3885 (38.2% of 1.4238/1.3669, eyeing next key levels at 1.3918/28 (Apr 6 high/daily cloud top).

Break of these resistances would confirm double-bottom pattern (1.3669) and generate strong signal of trend reversal.

Daily moving averages turned to bullish setup and support the action, along with rising positive momentum.

Weekly bullish engulfing adds to positive signals.

Daily cloud base (1.3844) offers solid support which is expected to hold and keep bulls in play.

Res: 1.3918, 1.3928, 1.3953, 1.4000.
Sup: 1.3850, 1.3844, 1.3823, 1.3800.

Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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