Markets are moving! GDP/USD.

by Aug 16, 2019Market Reviews

Huge push to the upside for the pound, on the smaller time frame. With the pound pushing past the 1.2111 mark and climbing. Are things finally looking up for the Pound?

Looking at the weekly time-frame it’s still looking bleak. With an overall downward trend for the GBP/USD continuing. Currently breaking through the 1.21106 support formed back in January 2017 and trading within the weekly support and resistance area.

With the recent push up in pound it seems that there could be hope for the tumbling GBPUSD.

Looking on the longer time-frame such as the monthly chart, you can see that is has broken past a recent support at 1.22190 and only went up to retest the same level to possibly use it as a newly formed resistance, we can also see that there is a large range in the form of a wick back in September 2016 that we could see getting filled.

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