29 Apr 2019
GBP/USD Technical Analysis: Sellers drying-up and bulls look to trend-line resistance on break of 200-D SMA
- GBP/USD is at a crossroads as the bears stall towards the 23.06% Fibo while momentum indicators signal a potential correction back to the upside.
- Stochastics are coiled within an oversold territory which indicates there are no more sellers.
- The bullish doji left on the 25th April signals a switch up as well.
- Bulls can target a break of trendline resistance once the confluence of the 200-D SMA and 11th March lows are broken.
- A break of the trendline resistance would open risk back towards the 38.2% Fibo of the same range with a confluence of the 50% retracement of mid-March to 25th April decline.
