Relevance up to 15:00 2020-12-05 UTC+3
GBP/USD HIGHLIGHTS:
- 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.
Franc Beck,
Analytical expert
InstaForex Group © 2007-2020
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