GBPUSD is Targeting 1.4805

GBPUSD is Targeting 1.4805

29 April 2016, 18:08
Roberto Jacobs
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GBPUSD is Targeting 1.4805

by Nenad Kerkez - Admiral Markets

Fears of Brexit no longer burden GBPUSD and at this point GBPUSD is rallying toward next resistance at 1.4650. Technically both technical analysis and PA show a bullish correction so traders should be focused on the ascending equidistant channel and price action. Inner trend line is intersecting H4 PP making an X cross™ straight at support so next targets should be 1.4650 and 1.4733. If 1.4733 is broken the price should proceed towards weekly target 1.4805. In order for this bullish scenario to succeed, the price should stay above 1.4580 and ultimately above 1.4473 – near term historical buyers (blue rectangle).

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