GBP/USD: THE PAIR BIDS TOWARDS THE MONTHLY HIGH MAINTAINING WINNING STREAK.

Overview: The pair is making higher highs during the trading session. The UK Times cites an anonymous British government source to suggest that there are increasing expectations of a deal. However, the pieces are mentioned the increased uncertainty over the key issues like fisheries, governance, and competition rules that highlight the anxiety. The pair is creating volatility towards the higher side of the market. The market is rising upwards along indicators are also rising towards higher faces and gives bullishness in the market. The pair is heading towards the monthly high above 1.3300, printing a seven –days winning streak. Hence we can say pair is creating higher highs and lower highs in the market.

Technical Analysis: The GBP/USD pair is bullish, according to the daily chart, as it is developing above bullish moving averages, as technical indicators advance within positive levels, with limited strength. In the 4-hourly chart, the pair offers a neutral- to-bullish with positive levels. The pair are creating bullish signals in the market. The bulls are forcing to market to travel in an upward path. A bullish 20 SMA provides dynamic support currently 1.3260. The pair is creating a massive buying level this year. The major line EMA is rising above SMA lines and creating the bullish signal. On the daily charts, we can say the market is rising upward and RSI is also showing bullishness the upper swings are forming in price pattern as both price charts and indicators supporting bullishness in the market. So we suggest our buyers to sit on buy-side in the market. The RSI is above 50 levels which are favoring bulls. A bullish crossover on MACD indicator is showing the strongness in the pair. The current level is 1. 3317.the support level is 1.3167 followed by 1.3017 and resistance is 1.3417 followed by 1.3517.

Fundamental Analysis: GBP/USD picks up bids towards the monthly high, prints seven-day winning streak. Pfizer will soon get the UK, s approval, Regeneron’s antibody treatment gets FDA, S green light. However, challenges to the Fed’s emergency programs and the rising virus figures in the northern hemisphere challenge the bulls. The pair gained bids as the market turns optimistic concerning the Brexit deal and the COVID-19 vaccine.

Trade idea: According to the above case study we can suggest our buyers go for buy at level 1.3316  target will be 1.3516 followed by 1.3616 stop loss will be 1.3052.

 

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