MT4 - Technical's have not really change despite the mild pullback today. GBPUSD hit a 1.5781 high before the bears pushed back, sending the pair down to 1.5635. Today the pair is marginally lower on thin volume (traders waiting for retails sales). The slow erosion in momentum indicators suggest a shift into a neutral bias. However, while the pair is well within its defined sideways range there is a slightly bullish overtone, providing us with just enough evidence for us to take a bullish position. A clear close above 1.5730 (14th Aug high) would open a quick move to 1.5845.
The next resistances is located at 1.5702 (15th Aug high), 1.5776 (27th July high), 1.5845 (22nd May high), 1.5954 (1st Mar pivot high).
Supply zone is located at 1.5564 (8th Aug low), 1.5656 (intraday low),1.5458 (26th July low), 1.5405 (8th June low), 1.5390 (6th June low), then 1.5266 (13th Jan low).
MT4 platform and analysis courtesy of Swissquote bank.
Sign up for a free demo MT4 account to access and follow all the further analysis updates and trade.