GBP/USD - Fell After the Sharp Upward Move - Target Locked at 1.2780! - 04/20/2017 (GMT)
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- Timeframe : 4H
GBP/USD Chart
After Tuesday’s aggressive run, the GBP/USD pair failed to extend its gains on Wednesday. Sterling traded lower against the U.S. dollar and hit our recommended support level at 1.2780 (see technical analysis here: http://bit.ly/2pzlY1I) and the price is continuing for the second suggested target at 1.2920 resistance barrier. Yesterday’s move was a combination of profit taking and dollar strength. Moreover, the retracement is due to the strong resistance level, 50-weekly SMA, near 1.2870.
Technically, the cable climbed more than 2% in April and broke to the upside the medium-term trading range with lower boundary the 1.1978 and upper boundary the 1.2700 key level. Technical indicators on the medium-term timeframe are signalling for further upside movement with strong momentum while on the 4-hour chart, the MACD oscillator is falling in the overbought area and the RSI is sloping to the upside above the 70 level.
Technically, the cable climbed more than 2% in April and broke to the upside the medium-term trading range with lower boundary the 1.1978 and upper boundary the 1.2700 key level. Technical indicators on the medium-term timeframe are signalling for further upside movement with strong momentum while on the 4-hour chart, the MACD oscillator is falling in the overbought area and the RSI is sloping to the upside above the 70 level.
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