RLinda ! GBPUSD-> MA-50 supports the Pound. Volumes are rising!

7 Nov 2022

The Pound is in a volatile situation. Inestors still do not believe in this currency and are more interested in more stable crypto market.
The pound is down 0.5% since the opening session, but after that the price is strengthening to the resistance at 1.13800, some negative news can push the price down from the resistance area.


(Chart 1: Pound 1H. MA-50 moves into the support phase, higher volumes may signal a bullish sentiment)

On the daily chart we see the price obtained the support of the daily MA-50 and the volume rose on Friday. An energy surge and a strong support might provoke the bulls to make a correction towards the strong resistance at 1.16400.

On the hourly chart, we are seeing a range formation after the breakdown of the uptrend channel. The price is in the short zone, but at the same time the price breaks through the resistance at 1.13800. If the bulls strengthen, we might see the price strengthening to 1.16400, but if a false break-up will be formed, there is a chance for the price to fall to the support of the 1.1152 range.

Regards R. Linda!