The GBPUSD ended last week on a bullish note. Friday’s 85 pip gain puts the pair just below minor resistance at 1.2570 to start the new trading week.
A review of the last few weeks suggests that this bullish momentum may continue. On March 21st, the pair broke free from a confluence of resistance at 1.2410. The break established a trade idea that I mentioned the very same day.
Last week’s low at 1.2376 was a spot on retest of former channel resistance as new support. The 1.2410 handle assisted with the bounce. It’s a level that has played a crucial role since late November of last year.
For the week ahead, resistance remains just above current prices at 1.2570. Above that, we have a level that’s been a factor since November 11th of last year at 1.2673. Support comes in at 1.2410.
Check the upside technical analysis.
Performed by analytical expert: Urban Stamcar
A review of the last few weeks suggests that this bullish momentum may continue. On March 21st, the pair broke free from a confluence of resistance at 1.2410. The break established a trade idea that I mentioned the very same day.
Last week’s low at 1.2376 was a spot on retest of former channel resistance as new support. The 1.2410 handle assisted with the bounce. It’s a level that has played a crucial role since late November of last year.
For the week ahead, resistance remains just above current prices at 1.2570. Above that, we have a level that’s been a factor since November 11th of last year at 1.2673. Support comes in at 1.2410.
Check the upside technical analysis.
Performed by analytical expert: Urban Stamcar