Relevance up to 15:00 2020-12-05 UTC+3
- GBP/USD trading towards the critical barrier at 1.350
- A breakout could push it much higher
In relative to confluence, price is currently trading in an ascending triangle on the Daily chart a sign of upcoming bearish reversal if a breakout below lower trend-line boundary. On a larger picture , lies the trend-line from the 2007 high. The key will be whether it can close above it to count as a break.If rejection occur and price fail to breach above 1.350 , we will be looking on a corrective move downside to 1.3400.
On the upside, to really get cable trading higher we need to see a closing weekly candle above 1.350. A close above major horizontal resistance and the long-term descending trend-line could clear a path for much higher prices.The next significant area to keep an eye is 1.42/44.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.