GBPUSD is forming a strong uptrend. The news on Wednesday had a positive effect on the currency pair and thus the British pound was able to strengthen.
TA on high timeframe:
- A prolonged uptrend, but not as active. An accumulation is forming, but at the same time the price is at multi-month highs.
- There is a strong support base of 1.24500 for the price on the high timeframe, if the buyers hold this area, the pound will continue its course.
TA on the low timeframe:
- An upward price channel is forming, the price is essentially squeezed in a range
- False break of the resistance at 1.25837, which forms a technical pullback.
- If the price fails to break the resistance on the retest, it will continue its way to the support at 1.24537
Key resistance 1.25840
Key support 1.25500, 1. 24500