GBPUSD failed to find acceptance above the 1.2700 mark on a daily timeframe, spending the best part of 5 days attempting to break higher. Having printed a fresh high however, the pair was in line for a retracement which has been facilitated by a return in US Dollar Strength. The question now will be whether we can push on toward the 1.2500 handle and beyond?
There are some mixed signals being thrown up at present, we have just had a golden cross pattern play out as we have the 20-day MA crossing above the 100 and 200-day MAs hinting at bullish momentum. This is in contrast to the candlesticks with GBPUSD on course for a bearish engulfing close which could hint at further downside ahead tomorrow. This sets us up for an interesting day of price action ahead and one which may require a nimble approach to find worthwhile opportunities.
There are some mixed signals being thrown up at present, we have just had a golden cross pattern play out as we have the 20-day MA crossing above the 100 and 200-day MAs hinting at bullish momentum. This is in contrast to the candlesticks with GBPUSD on course for a bearish engulfing close which could hint at further downside ahead tomorrow. This sets us up for an interesting day of price action ahead and one which may require a nimble approach to find worthwhile opportunities.
