Hi Traders!
GBPUSD continues to trade with bullish momentum and looks to be targeting the previous strong support level from August at 1.26148, which is now resistance.
Price Action 📊
After breaking above the descending price channel, the market is now in an ascending price channel, and the price action looks completely bullish with higher market swings and trading well above the 20 EMA.
Fundamental Analysis 📰
Bank of England Governor Andrew Bailey warned earlier this week that the central bank may have to raise interest rates again and that the general cost of living remains an upside risk to the inflation outlook. The Flash Manufacturing and Flash Services PMI came out better than expected; therefore, this does relieve some pressure on the inflation outlook for the GBP.
Support 📉
1.24492: PREVIOUS DAY'S LOW
Resistance 📈
1.26146: AUGUST 2023'S MAJOR SUPPORT
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
GBPUSD continues to trade with bullish momentum and looks to be targeting the previous strong support level from August at 1.26148, which is now resistance.
Price Action 📊
After breaking above the descending price channel, the market is now in an ascending price channel, and the price action looks completely bullish with higher market swings and trading well above the 20 EMA.
Fundamental Analysis 📰
Bank of England Governor Andrew Bailey warned earlier this week that the central bank may have to raise interest rates again and that the general cost of living remains an upside risk to the inflation outlook. The Flash Manufacturing and Flash Services PMI came out better than expected; therefore, this does relieve some pressure on the inflation outlook for the GBP.
Support 📉
1.24492: PREVIOUS DAY'S LOW
Resistance 📈
1.26146: AUGUST 2023'S MAJOR SUPPORT
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX