The GBPUSD regained its Bullish momentum yesterday topped at 1.2939 and hit 1.2946 earlier today in Asian session. The bias is bullish in nearest term testing 1.2965. A clear break above that area could trigger further bullish pressure testing 1.3000 – 1.3050 area as a part of the double Bottom Bullish Scenario on daily chart. From an H1 chart perspective as you can see on my H1 chart below, price is consistently moving above the EMA 200 suggests a valid bullish trend. Immediate support is seen around 1.2910. A clear break below that area could lead price to neutral zone in nearest term testing 1.2865 but only a clear break back below 1.2780/50 would interrupt the double bottom bullish scenario.
This post first appeared on FX Instructor Forex Blog - For Traders, By Traders, please read the originial post: here