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GBP/USD Getting Close to Resistance

By:
Nenad Kerkez
Published: Jan 23, 2017, 09:45 UTC

The GBP/USD spiked strongly after UK PM Theresa May’s speech and currently it is aiming for 1.2490-1.2510. Daily chart is showing a version of rising

GBP/USD Getting Close to Resistance

The GBP/USD spiked strongly after UK PM Theresa May’s speech and currently it is aiming for 1.2490-1.2510. Daily chart is showing a version of rising three methods so the pair is still bullish. 4h close or 1h momentum above 1.2445 is needed and the pair might get to the POC zone -1.2490-1.2510. However, we also see bearish divergence so once the pair hits the POC zone (bearish divergence, bearish order block, H5, ATR pivot) it might initially drop.  Rejections from POC or any failures to break and close above 1.2445 could bring the pair down towards 1.2400 and 1.2360. 1.2270 is the strong support and it needs to break in order for bears to gain control again.

GBP/USD Chart
GBP/USD Chart

However, If the pair fails to reject from POC zone, pay attention to 1.2535. If it breaks to the upside next target should be 1.2570.

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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