GBPUSD ANALYSIS
Cable bulls penetrated RT2 and eventually closed just under it today giving us a profit of 57.4 pips and also delivering an open and close above previous R1 (which is also RT1). This move officially changes the daily trend from sideways with a bearish bias to bullish which opens the way for more upside possibility. As long as S1 (1.49772) holds, the daily trend is now up. CS is @ 1.52077 which is also very bullish. As long as S1 and CS hold, we could see a test of RT3 and even WR1.
However, it is important to note that from a weekly chart perspective, as long as WR1 holds, the weekly trend is down and therefore any bullishness below WR1 is merely a big bullish correction/retracement within the context of a bigger downtrend and therefore eventually we could see another push down.
What’s the verdict?
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Blessings
Techno4xTeam