GBPUSD (1H) - short term bullish bias
The cable is securing some support near the 4H floor at around 1.3050, a level previously reached before the election rally. Sentiment remains neutral at best after the pound gave up all its gains across the board. Though we expect a rebound in the short term as traders start to buy the dip. The RSI divergence offers the assurance that the selling momentum has eased off so the long side might see an opportunity to get in without catching a falling knife.
Key support: 1.3050
Key resistance: 1.3130
The cable is securing some support near the 4H floor at around 1.3050, a level previously reached before the election rally. Sentiment remains neutral at best after the pound gave up all its gains across the board. Though we expect a rebound in the short term as traders start to buy the dip. The RSI divergence offers the assurance that the selling momentum has eased off so the long side might see an opportunity to get in without catching a falling knife.
Key support: 1.3050
Key resistance: 1.3130