GBPUSD Technical Analysis: Minor bullish retracement is in place |29th May 2017
First Critical Resistance: 1.29068 ( broken trend line resistance )
Second Critical Resistance: 1.30448
First Critical Support: 1.27732
Second Critical Support: 1.25951
Overall Sentiment: Slightly Bullish Δ
The GBPUSD pair broke the 4-hour medium-term bullish trend line support level and stopped its bearish movement after hitting the critical support level at 1.27732.The pair has formed a nice bullish pin bar in the 4 hour time frame and we are expecting a minor bullish retracement in the price towards the broken trend line resistance level at 1.29068. We will be looking for bearish price action candlestick pattern to short the cable (GBPUSD) in the 4-hour time frame.
GBPUSD daily technical analysis
The pair is most likely to participate in a bearish movement but before that, we will see a decent bullish retracement in the price. However, if the pair breaks the critical resistance level at 1.27732 then we will see a sharp decline in the GBPUSD pair towards the next critical support level at 1.25951.
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