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GBPUSD bulls in consolidation phase seem to be gaining more traction after bouncing above DMAs and beaching stiff resistance of 1.3117 levels. For now, the stiff resistance is seen at 1.3231 levels.
Both leading oscillators seem to be in bulls’ favor, RSI has so far constantly been evidencing upward convergence to signal the strength in bullish rallies but for now, approached overbought zone. While stochastic curves have also reached overbought territory and no traces of %d crossover, slightly indecisive on daily terms but signals intensified bullish momentum on monthly terms.
On the other hand, lagging oscillators are also in sync with the same bullish stance offered by the leading indicators. MACD indicates the price rallies to prolong further on both time frames, while the current prices on daily terms remain well beyond DMAs but on monthly terms, every attempt of upswings are restrained below 21EMA.
Hence, on both minor trend as well as broader perspectives, the uptrend in consolidation phase remains intact upto 1.3346 (i.e.21EMA), while interim rallies seem to be slightly edgy as the above-mentioned resistance level may hamper these bullish sentiments.
Well, overall the Sterling is surging in consolidation phase from last 1 year against the US dollar, staying well beyond 1.31 marks.
Trade tips:
Well, contemplating above technical reasoning, at spot reference: 1.3175 on speculative grounds we advise one touch binary call options.
This strategy is likely to fetch leveraged yields than spot FX as the underlying spot keeps flying before expiration.
Currency Strength Index: While the FxWirePro currency strength index for the Sterling indicates bullish attributes as it flashes +53 (which is bullish) ahead of UK CPI data announcement, while USD has been mildly bullish by flashing +38 (while articulating).
For more details on our index please visit below weblink:
http://www.fxwirepro.com/fxwire/currencyindex
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