Trading Conditions
Products
Tools
Since Wednesday, the GBP/USD exchange rate has been testing the resistance level formed by the weekly resistance at 1.340.
GBP/USD continues trading in an ascending triangle – a bullish technical pattern. Attempts to break above the ceiling of 1.3397 have been unsuccessful, yet there is still room for a breakout.
However, any subsequent move up is more likely to meet resistance near the top barrier of the ascending triangle . The barrier is near the 1.3400 round figure mark region.
In the meantime, the formation of bearish divergence (MACD) suggests a reversal to the south could occur. Trading for a bearish move at this time is irrelevant since price is consolidating between 1.339-1.33. If a breakout below 1.33 round figure mark is seen, the trend reversal from MACD bearish divergence is confirmed. This would probably ignite an impulsive downside push back towards 1.320 region mark.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.