XM Group - Analytics

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    Technical Analysis – GBPUSD tests 1.5600, bullish above 200-day MA

    GBPUSD has been struggling to move higher and has been consolidating between 1.5528 and 1.5674 and is basically trapped between the tenkan-sen and kijun-sen lines.

    If prices break below 1.5529 there is scope to drop back towards the 200-day moving average around the key psychological 1.5400 level.

    There is currently decent resistance at the highs last week at 1.5674, which needs to be broken to retarget the June 18 peak at 1.5829. A move above this peak would see a strengthening of the uptrend that started from the bounce from 1.4564. As long as the market stays above the 200-day moving average and Ichimoku cloud, the bullish bias remains.

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