Further GBPUSD Gains Likely Limited Near-Term

GBP cost research and outlook:

  • GBPUSD has been rising within an upward-sloping channel on a charts.
  • However, a postponement now seems expected before a stand resumes.

GBPUSD allege using out of steam

The GBPUSD cost has been strengthening for scarcely dual weeks now as fears that a UK will leave a EU but a Brexit understanding have receded. However, a postponement is now probable before a convene extends higher. As a hourly draft subsequent shows, a span is already anticipating it tough to make a poignant mangle above a 1.33 level.

GBPUSD Price Chart, Hourly Timeframe (February 15-28, 2019)

Latest GBPUSD cost chart.

Chart by IG (You can click on it for a incomparable image)

Moreover, a trendline fasten a new aloft highs is now around 1.3385 and a cost will have to mangle by it before reaching a subsequent critical psychological turn of 1.34. In addition, a daily draft shows a span stalled only above a 1.34 turn on several unbroken days behind in Jun 2018, adding to a insurgency there.

On a other hand, a downside is now good protected, with a raft of relocating averages sitting subsequent a stream price. Note too that a RSI on a draft above is no longer during a 70 turn signifying a span has been overbought and that there is still a bullish vigilance from a retail merchant view data.

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— Written by Martin Essex, Analyst and Editor

Feel giveaway to hit me around a comments territory below, around email during martin.essex@ig.com or on Twitter @MartinSEssex