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🟢Forex Pair: GBP/USD
⚪Technical Analysis: Since the 20th of January 2021, the price has been consolidating, moving with a clear sidetrend, bouncing up and down between two S/R zones, at about 1.37500 and 1.36500. During the 5th of February 2021, a strong bullish impulse on the main trendline, pushed the price up breaking throught its S/R zone at 1.37500, ending once it reached the resistance zone at about 1.38650. The price got then a short retracement and it is currently re-testing its last resistance zone. The RSI (20) is showing signs of weakness considering a divergence on the h4 chart.
🔴Conclusion: Overall this pair is following an interesting uptrend and now it reached a strong resistance zone that rejected the price few times in the weekly perspective. There is a possibility to see a consolidation phase on that zone before to understand the next direction. I'll be waiting for a re-test of the support zone at about 1.37750 or a breakout of the resistance zone before planning my long position on this trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️