Cable’s bullish short-term trend remains intact but it reached a strong barrier. Failure to break above 1.3060 should lead to a correction. The GBP/USD is up on Friday, consolidating strong weekly gains and a recovery from four month lows. The move higher run into resistance at 1.3050 before the barrier seen around 1.3060. A break above 1.3060 should reinforce the current rally, opening the doors to 1.3100. Technical indicators in the four-hours chart show extreme overbought readings and the RSI is turning south favoring some consolidation or correction ahead. Also Momentum is turning but price remains far from the 20-SMA that stands around 1.2900. Market volatility is elevated across financial markets that could lead to erratic moves in currency pairs, including GBP/USD. It the pound retreats further, the 20-hour moving average stands at 1.2975. In the weekly chart, the 1.3000 zone also coincides with the 20-week moving average. A close above could be positive for the pound but a stronger sign would be a close above 1.3060. GBP/USD 4 hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY fades a spike to 105.70, but recovery mode still intact amid risk-off FX Street 3 years Cable’s bullish short-term trend remains intact but it reached a strong barrier. Failure to break above 1.3060 should lead to a correction. The GBP/USD is up on Friday, consolidating strong weekly gains and a recovery from four month lows. The move higher run into resistance at 1.3050 before the barrier seen around 1.3060. A break above 1.3060 should reinforce the current rally, opening the doors to 1.3100. Technical indicators in the four-hours chart show extreme overbought readings and the RSI is turning south favoring some consolidation or correction ahead. Also Momentum is turning but price remains far from the 20-SMA… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
