GBP/USD rockets: Is more upside on the horizon?
GBP/USD skyrocketed to 1.3556 like it had somewhere to be! Bulls aim for fresh highs Risk: Lose 1.3500? Well, grab your parachutes!
XM Group
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56 days ago
Overview: GBP/USD staged an extraordinary rally on Wednesday, rocketing instantly from 1.3380 to a two-month high of 1.3556. While sharp increases usually lead to some stability, the latest impressive bullish action has bolstered optimism that the double bottom near 1.3158 could prove more sustainable, especially if the price holds above 1.3500.
Momentum: Both the RSI and the stochastic oscillator are hovering in bullish territory but have yet to peak in the overbought zone.
Bullish scenario: Should the bulls remain resilient above 1.3500, the price could crawl up to the 61.8% Fibonacci near 1.3600. A break above that level might be a prerequisite for an extension towards May’s peak of 1.3656.
Risk: A clear close below 1.3500 may trigger some profit taking.
XM Group
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