By: Doug Rosen
I start my analysis for this pair looking at the daily chart. The GBP has appeared to be a bit weak compared to the EUR but the USD has been extremely weak since yesterday so there is very little reason for this pair not to continue its hike upward. Price is riding above the ema's and the 5 has crossed above the 13 and 21 on he daily. Moving over to the 4 hour I can see some resistance that can cause some struggle. Price has already touched the 233 ema and has been rejected but the 5 ema is beginning to cross the 13 and 21 and will soon catch up to price and could carry it above the 233 ema.
Looking at the hourly chart I see that the upper Bollinger Band is open and pointing up. Price is riding the 5 ema very gracefully, however, the stochastic is approaching the overbought zone.
Finally, on the 15 minute price has also been riding up the ema's but has been recently rejected by some 4 hour resistance that overlapped with the daily M3 zone. I believe price will fall back a bit, catch its breath and pick up more buyers than to continue its move up.
