GBP/USD
is moving steeply upwards and today marked fresh new high, that has not been
seen since June 2016 and even reached the Brexit referendum levels. However the
pair retreated from the 1.3822 to currently trade at 1.3795.
Technically speaking the short term outlook for GBP/USD remains neutral to
bullish. On the four hour time frame the price is developing well above its
moving averages, all keeping bullish slopes. RSI is located within extreme
overbought territory, but has eased around 82 level. The Momentum retreated
modestly from its north areas, but when the pair is challenged to test again the
daily high, a correction is out of the question at this stage.
First resistance is provided by 1.3835 (February 2016 low) and in case bulls
conquer it, doors are opened for testing the psychological 1.4000 handle.
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