GBPUSD TECHNICAL ANALYSIS

Here is an GBPUSD Technical Analysis on the H4 time frame. It is a major currency pair and one of the 21 currency pairs that we cover in our Forex Signals App that is available on both Android and iTunes. You can also view the Forex Signals App video demo.

GBPUSD on the H4 Time Frame

Price is currently trading below the 15 and 30 EMA. Price is at the bottom range of the channel and is most likely going to go up.

A pennant can be seen.

Price just came in contact with the slanted support level.

MACD is in red and below the zeroline.

Additional points on GBPUSD

15 and 30 EMA may act as a potential dynamic resistance and there is a chance whereby the price may go back down to the slanted support level.

Conclusion

If price manages to break through the 15 and 30 EMA, price will continue to go up until the next slanted resistance level.

Thus, price is expected to increase.

 

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Have a great trading day ahead!

Ilyas Ismail

Currency Strategist

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