GBP/USD US session outlook - needs break above 1.4636
Pair's rebound from hourly 200-MA did result in a test if 1.4549 levels as anticipated in European session outlook. Prices managed to take out 1.4549 and clock a high of 1.4619. The spot currently trades around 1.4608 levels.
Bulls now need a bullish break above 1.4636 (38.2% of 1.5930-1.3835+ symmetrical triangle resistance), preferably on day end closing basis as that would open doors for a re-test of May 3 high of 1.4770.
The likelihood of such a move is high given a nice rebound from hourly 200-MA has kept the rising bottom formation intact on the daily chart as -
Hence, as of now it looks like only a sudden spike in "exit" vote in Brexit polls could rattle GBP.
Bulls now need a bullish break above 1.4636 (38.2% of 1.5930-1.3835+ symmetrical triangle resistance), preferably on day end closing basis as that would open doors for a re-test of May 3 high of 1.4770.
The likelihood of such a move is high given a nice rebound from hourly 200-MA has kept the rising bottom formation intact on the daily chart as -
- The larger falling trend line has been breached as well. 21-day EMA and 55-day EMA have confirmed a bullish crossover earlier this month.
- Today's rebound is from 21-day EMA.
- Plus, hourly chart also now shows 21-EMA and 55-EMA bullish crossover.
Hence, as of now it looks like only a sudden spike in "exit" vote in Brexit polls could rattle GBP.
