Forex Technical Update
GBP/USD 1H Chart 8/7/2012 7:45AM EDT
The GBP/USD continued to respect the rising trendline support in the 1H chart after testing it during early 8/6 US session, then again during early 8/7 European session. As we head into the 8/7 US session, the pair has already pushed above a declining trendline from the 7/27 high just below 1.5770.
Note the 1H RSI reading remained above 40 and is now kissing 70 again, reflecting a persistent bullish momentum developing in the near-term.
The GBP/USD is bullish in the near-term within a sideways market in the short to medium term as it has been ranging since mid-June. The resistance pivots in the upper part of this range are near 1.5725 and 1.5775.
Fan Yang CMT is a trader, educator and a Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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