GBPUSD could aim for 1.51 on a successful ascending triangle
GBPUSD is seeing strong resistance at 1.46 - 1.47 with multiple tests failing to break above this level, resulting in higher lows. A potential breakout higher above 1.46 - 1.47 could extend GBPUSD gains towards 1.51 marking a completion of the bullish divergence with the possible move to 1.54.
Hidden bullish divergence shows the key support level of 1.4398 - 1.4340. Break below this could see GBPUSD extend declines to 1.42 with the possibility of a dip to 1.40 - 1.39
Buying on a retest of 1.46 - 1.47 to establish support is recommended.
Key levels:
Upside: 1.53, 1.53 - 1.54
Line in the sand: 1.4398 - 1.4340
Downside: 1.42, 1.40 - 1.39
Hidden bullish divergence shows the key support level of 1.4398 - 1.4340. Break below this could see GBPUSD extend declines to 1.42 with the possibility of a dip to 1.40 - 1.39
Buying on a retest of 1.46 - 1.47 to establish support is recommended.
Key levels:
Upside: 1.53, 1.53 - 1.54
Line in the sand: 1.4398 - 1.4340
Downside: 1.42, 1.40 - 1.39
