GBPUSD; Bulls Engaging The Downtrend line
Technical Analysis:
The downtrend line is capping the upward pressure so far. Bulls need to break decisively 1.3050 to keep the bullish scenario intact. I favor bullish outlook as long as the 1.2916 support holds. Breaking down the 1.2916 means the upward channel is broken and a massive decline will be expected in that case. MACD is turning positive but it might just be a ZLR.
Fundamental Analysis:
With FOMC on hold, focus is on Brexit-related issues. East European countries oppose giving any privilege to Britain and this makes the divorce process hard.
Good luck,
Ali Sharifazadeh, CFTe
The downtrend line is capping the upward pressure so far. Bulls need to break decisively 1.3050 to keep the bullish scenario intact. I favor bullish outlook as long as the 1.2916 support holds. Breaking down the 1.2916 means the upward channel is broken and a massive decline will be expected in that case. MACD is turning positive but it might just be a ZLR.
Fundamental Analysis:
With FOMC on hold, focus is on Brexit-related issues. East European countries oppose giving any privilege to Britain and this makes the divorce process hard.
Good luck,
Ali Sharifazadeh, CFTe
