📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
Recently, GbpUsd found a bottom in the 1.2 zone, and after almost 2 months of consolidation, it managed to break above the falling trend line started in mid-July. Recently the pair tested the first important resistance from above 1.24 and dropped to 1.22 after.
The last 3 daily closed candlesticks formed a Morning Start pattern that could indicate a bottom. A break above the 1.2310-1.2330 zone would confirm a higher low in place and we could expect a new leg up towards the next resistance at around 1.26. market will be bullish as long as 1.22 is intact
📊QUICK FUNDAMENTAL LOOK
Sterling rose in European trade on Tuesday on track for the third straight profit against the dollar, following strong UK wages data in September. Such data showcased the strength of the UK labor sector, in turn heaping pressure on Bank of England policymakers and making it more difficult to reach the 2% inflation target.
⚠️Warning: Trading contains elements of risk, please be careful when Making Orders, Market Recommendations are only for consideration.