GBPUSD (1H) - short term bullish bias
The pound sterling extends its recovery across the board today. The RSI divergence from last week while the indicator dipped into the over-sold territory was a forward warning that the bearish pressure was losing steam. The 20-hour moving average crossed above the 30-hour one in a typical bullish reversal fashion. The strong momentum above the MAs then the resistance level of 1.3150 was a signal that buyers have finally taken control of the price action.
Key support: 1.3130
Key resistance: 1.3260
The pound sterling extends its recovery across the board today. The RSI divergence from last week while the indicator dipped into the over-sold territory was a forward warning that the bearish pressure was losing steam. The 20-hour moving average crossed above the 30-hour one in a typical bullish reversal fashion. The strong momentum above the MAs then the resistance level of 1.3150 was a signal that buyers have finally taken control of the price action.
Key support: 1.3130
Key resistance: 1.3260