Pound against dollar ,potential pull back for another bull trend
First of all, when we say technical analysis, we are only looking on the price dynamics only. Second, the fundamental analysis is stronger than technical as it involves trading decision.
The GBPUSD increased 0.0014 or 0.10% to 1.3183 on Thursday March 7 from 1.3169 in the previous trading session. Historically, the British Pound reached an all time high of 2.86 in December of 1957 and a record low of 1.05 in February of 1985.
As I observe the 4-hour chart of the GBP/USD pair, I instantly saw the head and shoulders pattern, giving us an idea of another strong momentum. Moreover, the pair is currently running at $1.31768 which is pulled back a bit durring the last trading hours. Right now, I see another possible pull back up to the first support level which is at 1.31312, indicating another bull trend. Meanwhile, I have set the second and third support level at 1.30643 and 1.29852 respectively.
The StochRSI is performing an overbought and is spotted near the 100 level.
Hit like and Follow
Cheers,
The GBPUSD increased 0.0014 or 0.10% to 1.3183 on Thursday March 7 from 1.3169 in the previous trading session. Historically, the British Pound reached an all time high of 2.86 in December of 1957 and a record low of 1.05 in February of 1985.
As I observe the 4-hour chart of the GBP/USD pair, I instantly saw the head and shoulders pattern, giving us an idea of another strong momentum. Moreover, the pair is currently running at $1.31768 which is pulled back a bit durring the last trading hours. Right now, I see another possible pull back up to the first support level which is at 1.31312, indicating another bull trend. Meanwhile, I have set the second and third support level at 1.30643 and 1.29852 respectively.
The StochRSI is performing an overbought and is spotted near the 100 level.
Hit like and Follow
Cheers,