- October 27, 2020
- Posted by: Analysis Team
- Category: Forex News
- GBP/USD has completed a Fibonacci retracement on the daily time frame to structure.
- Bulls are waiting for bullish conditions to be confirmed.
- The 1.32 area is compelling on a test of 1.3080.
GBP/USD is possibly on the verge of a continuation bullish impulse and the bulls are encouraged by the amount of structure supporting the outlook.
The following is a top-down analysis from the daily chart to 4-hour that illustrates the bullish bias from a market structure basis:
The price has pulled back to prior structure and with a confluence of a 61.8% Fibonacci meeting the 21-day moving average.
The MACD is holding bullish and the price is testing the trendline support.
A break above the near-term resistance will give rise to prospects for higher highs on a run through 1.3080.
Bulls can seek a pullback to the structure on a buy-limit for an optimum entrance in a high probability setup.