- April 6, 2023
- Posted by: Tradingshot Articles
- Category: Forex
The GBPUSD pair eventually rebounded and hit the Double Top Resistance, which was our Target as presented on our February 28 analysis:
At the moment the price is above that level (1.2450) and as long as it closes above it, we will be targeting 1.2650 on the May 27 2022 High Resistance. A closing below 1.2450 could set this rise back to the 1D MA50 (blue trend-line) until the 1D RSI turns neutral around 50.00 again and attracts buyers.
Note that there is an important long-term Resistance Cluster ahead as besides the 1.2665 Resistance (May 27 High), we have the June 01 2021 Lower Highs trend-line. A break above the 1W MA200 (red trend-line) places GBPUSD back into long-term bullish territory on the 1W time-frame.