GBPUSD (D) - short term bullish bias
The pound sterling's meteoric rise has come to a halt at the psychological level of 1.3500. As the RSI shot into the over-bought area twice in two months, the pair struggled to close above June 2018's high and the long wick was a sign of strong rejection. The pound has since retraced to the 30-day moving average at the critical level of 1.3000. We may expect the rally to carry on at a slower pace towards 1.3200 at the end of the year.
Key support: 1.3000
Key resistance: 1.3200
The pound sterling's meteoric rise has come to a halt at the psychological level of 1.3500. As the RSI shot into the over-bought area twice in two months, the pair struggled to close above June 2018's high and the long wick was a sign of strong rejection. The pound has since retraced to the 30-day moving average at the critical level of 1.3000. We may expect the rally to carry on at a slower pace towards 1.3200 at the end of the year.
Key support: 1.3000
Key resistance: 1.3200