By: Doug Rosen
Yesterday's move up for the GBP/USD was very impressive. Yesterday's range was over 200 pips. The weekly candle has already poked above the weekly 5 ema. On the daily time frame price is gapped away from the 5 ema which is crossing above the 13 and most likely soon to cross above the 21 ema, however, i expect price to pull the 5 ema up and a retracement should cause a tap of the 5 which could send this pair up even higher. The daily 55 ema awaits not too far above and for sure this will act as tough resistance. 1.5750 will be a tough area to crack but if broken price will probably head to the 144 or 233 ema's close to 1.5900
On the 4 hour time frame price is taking a brief break I believe, probably due to the 233 ema just above price but it has been poked a couple times already and the upper Bollinger band is wide open and pointing up with the 5 ema below pushing price up I expect price to break the 233 and take off. The monthly central pivot is at 1.5749 so expect a fight n that area. The weekly R1 pivot point is in the same area as the 4 hour 233 ema at 1.5670 so a break above that level will help price take off to the upside.
Price is above the hourly ema's as well. Price is currently just below the daily M3 pivot at 1.5679 and fighting with it a bit but price is still above the 55 ema pushing price up I expect 1.5680 to be breached, then we have 1.5700 to deal with which was yesterday's high but I expect that to be breached too. I remain bullish on this pair.
