GBPUSD fluctuates in a narrow range, will there be a bullish bre
The GBP/USD pair consolidates in a tight range around 1.2490 during early Asian trading on Wednesday. The major pair remains capped by 1.2500 resistance ahead of the release of US economic data.
Looking at the technical picture of the GBP/USD pair on the 4-hour chart, we can see that the pair has returned to the expected short-term bearish resistance line.
Given that the trend line remains intact as a rule we must stick to the script and aim lower. Which means we can probably execute that plan. If we clearly see a strong rejection from that trendline. If that happens, it is likely to reach 1.2461 or the psychological level of 1.2434. You can invite multiple sellers to join the game.
As we also know, the more tests a trend line undergoes, the more chances it has of breaking. If that happens, it is likely to reach 1.2553. Many buyers can be invited to join the market.
But we should still wait for new figures to give a clear direction for GBP/USD.
Finally, good luck to all traders.
Looking at the technical picture of the GBP/USD pair on the 4-hour chart, we can see that the pair has returned to the expected short-term bearish resistance line.
Given that the trend line remains intact as a rule we must stick to the script and aim lower. Which means we can probably execute that plan. If we clearly see a strong rejection from that trendline. If that happens, it is likely to reach 1.2461 or the psychological level of 1.2434. You can invite multiple sellers to join the game.
As we also know, the more tests a trend line undergoes, the more chances it has of breaking. If that happens, it is likely to reach 1.2553. Many buyers can be invited to join the market.
But we should still wait for new figures to give a clear direction for GBP/USD.
Finally, good luck to all traders.
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