GBPUSD - Bullish post-consolidation breakout
GBPUSD (1H) - intraday bullish bias
The British pound has ended its 5-wave flag consolidation with a strong upward impulse. The 20-hour MA crossed above the 30-hour one when the price broke above the channel. This is a confirmation that the uptrend may have resumed. Though the RSI indicates an overbought situation and it would be wise to look for an entry during a pullback. 1.2410 would be the immediate target.
Key support: 1.2325/1.2280
Key resistance: 1.2410/1.2440
The British pound has ended its 5-wave flag consolidation with a strong upward impulse. The 20-hour MA crossed above the 30-hour one when the price broke above the channel. This is a confirmation that the uptrend may have resumed. Though the RSI indicates an overbought situation and it would be wise to look for an entry during a pullback. 1.2410 would be the immediate target.
Key support: 1.2325/1.2280
Key resistance: 1.2410/1.2440