GBPUSD Outlook
The GBPUSD also had bullish momentum yesterday. On h4 chart below we can see that the trendline support and 1.5790area provided strong support area for medium term. The minor bearish channel has been violated to the upside suggesting potential bullish outlook testing 1.6660 (June 03 high) area in medium term. The bias is bullish in nearest term testing 1.6435. However CCI just cross the 100 line down on h1 chart so watch out for potential downside pressure testing 1.6230 support area. Break below that area could lead us into no trading zone. Be very patient at this phase.
The GBPUSD also had bullish momentum yesterday. On h4 chart below we can see that the trendline support and 1.5790area provided strong support area for medium term. The minor bearish channel has been violated to the upside suggesting potential bullish outlook testing 1.6660 (June 03 high) area in medium term. The bias is bullish in nearest term testing 1.6435. However CCI just cross the 100 line down on h1 chart so watch out for potential downside pressure testing 1.6230 support area. Break below that area could lead us into no trading zone. Be very patient at this phase.
GBPUSD Daily Supports and Resistances:
- S1= 1.6071
- S2= 1.5840
- S3= 1.5696
- R1= 1.6446
- R2= 1.6590
- R3= 1.6821
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