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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1.38264 with take profit at price 1.38414.
Bearish Preference:
A sell position is envisaged if price trades below price 1.37929 with take profit at price 1.37785.
Fundamentals: No major fundamental.
Comment: The US Dollar remains in a consolidative state against the British Pound. In the medium term, GBP/USD seems to be oscillating within the boundaries of a bullish Rectangle. The floor of the chart pattern seems to be between 1.37929 and 1.37280. The latest test of this zone could hint that the pair may climb towards the ceiling, which appears to be a range between 1.38867 and 1.38867 Breaking above the ceiling may open the door to resuming the uptrend seen from September 2020 through February 2021. Still, a bearish Death Cross between the 50- and 100-day SMAs is underscoring the technical bias to the downside. In the event of a breakout under the rectangle, the pair may become increasingly at risk of a material turn lower.
Analysis: SCRUM Team
