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17 Apr 2019

GBP/USD Technical Analysis: Mildly bid, break above 1.3106 could invite buying pressure

  • GBP/USD is currently trading at session highs near 1.3065, having hit a low of 1.3032 in Asia. Despite the recovery, the short-term outlook remains neutral, as the pair is still trapped in a falling wedge - a bullish reversal pattern.
  • A daily close above the wedge resistance, currently at 1.3106, would confirm the bullish reversal and open the doors to re-test of the previous month's highs near 1.3380.
  • The bull breakout looks likely as the demand for GBP put options (bearish bets) has dropped sharply this month.
  • That said, the prospects of bull breakout would weaken if the spot finds acceptance below the March 29 low of 1.2967.

Daily chart

Trend: Bullish above 1.3106

Pivot points

 

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