GBPUSD advice

Beginner Questions
1

The secondary trend of GBPUSD is sideways on charts. In its 4 hourly chart, the pair has crossed its falling trend line. It is consolidating with strong positive bias and is likely to give break out at upside. Its 30 and 200 DMA are also supporting the upcoming bullish trend in the pair. It is facing an important resistance at the level of 1.5510. If it breaks its resistance level at upside and sustains above it then we can expect it to show further upside movement.

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INDICATORS:-RSI is sustaining in buying territory supporting the upcoming bullish trend in the pair.
MACD is also sustaining in buying territory supporting the upcoming bullish trend in the pair.

STRATEGY: GBPUSD is looking bullish on charts for next few trading session. One can go for buy on dips strategy for this pair for intra day to mid term positions.

2

Keeping my eyes glued to that 1.5500 myself! That’s a solid area of interest for this pair so an upside break would likely turn it into strong support.

3

Based your technical analysis GBPUSD should go up but instead it went down to 1.5300 so I was wondering are you rely only on your technical analysis without considering the fundamentals since we saw a 200 pips drop after the positive news release from US.

4

Have to agree with Rambo…until the US dollar quits the bounce and rally mode, GBP has no hope of sustaining a rally for very long. If the Fed would raise rates, all this hoopla might go away and the dollar could quiet down for a spell. But until then, all looks to remain in a range.
Unless this is the blowout that shoots the US buck to 120, the next resistance from 101 I believe. You just never really know.

Tim