GBP/USD: THE PAIR SET UP FAVORS BULLISH TRADERS GAINED THE MONTH HIGHEST LEVEL.

Overview– GBP/USD gained the month tops and attracting the bullish momentum. Pound, supported by market hopes of a COVID-19 -19 vaccination. The pair has the highest record in the third quarter, according to the latest Labour market.

 

Technical facts: From the technical point of view, the GBP/USD is neutral -to-bullish, as despite its fresh high, the positive momentum is maintained in the market. The 4 hourly charts shows that the pair has advanced beyond all the moving averages. This shows that bulls are emerging on the top and trying to maintain movements towards the north side. The pair advises the buyers to set for the buy-side in the market. The pair may reach the resistance line 1.3350 level in the long term. The pair is looking strong bullish side of the market. The pair has gained strength after breaking the above 1.3250 that boosted the pound across the board. As long as the pair holds the above 1.3100 the bias will point the upside momentum. According to the trend on the daily chart, the market is rising towards the upside, so it gives us confirmation that the market will go on the upside. All the major EMA lines are raising above the SMA lines.

Also, according to the pair the current position of the market is 1.3269. The support is 1.3200 followed is 1.3150 and the resistance is 1.3330 followed by 1.3375.

Trade idea: From the above conclusion we can conclude that buyers should go for 1.3230 targets will be 1.3350 and 1.3450 the stop loss will be 1.3100.

 

Disclaimer: This is to be considered a marketing communication only, this does not contain, and should not be construed as containing, investment advice or an investment recommendation or investment research or, a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Past performance is not a guarantee of or prediction of future performance. Cabana Capitals does not take into account your personal investment objectives or financial situation. Cabana Capitals makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of Cabana Capitals, a third party or otherwise. Consequently, any person acting on it does so entirely at their own risk. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Cabana Capitals. This communication must not be reproduced or further distributed without prior permission.



Leave a Reply