GBPUSD Can the bullish momentum continue further ?

29. Juli 2021

Hi everyone:

Also looking at GBPUSD for further upside moves.

Similar like most of the USD pairs, we are seeing a decline in USD strength, and after the FOMC news, all of the USD pairs had strong reversals.

Now looking at the price action on GBPUSD, price originally had a bearish impulse down, but failed to continue after breaking the previous lows. An indication of the bearish momentum is exhausted..

We then see on the LTF, there is a bullish reversal impulse, and breaking out of the descending channel structure on the LTF.

Price already made a continuation correction on the LTF after breakout, but I expect further upside as long as we are seeing more LTF bullish continuation corrections to bring the price up to the recent tops.

Thank you

7. Aug. 2021

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