GBP/USD Showing Signs of Breaking Out?
GBP/USD is testing the top of its 4-week bearish channel.
One tool that traders can use to help handicap when a trend may break is the RSI indicator. In this case, the 14-period RSI on GBP/USD’s 4-hour chart has been stuck in a well-defined range between 30-50 since shortly after the bearish channel formed, signaling consistent, but not excessive, bearish momentum. However, the RSI is threatening to break above the 50 level, potentially foreshadowing a breakout in the exchange rate itself.
A close above the bearish channel to finish the week would be a bullish sign for the coming days.
-MW
One tool that traders can use to help handicap when a trend may break is the RSI indicator. In this case, the 14-period RSI on GBP/USD’s 4-hour chart has been stuck in a well-defined range between 30-50 since shortly after the bearish channel formed, signaling consistent, but not excessive, bearish momentum. However, the RSI is threatening to break above the 50 level, potentially foreshadowing a breakout in the exchange rate itself.
A close above the bearish channel to finish the week would be a bullish sign for the coming days.
-MW
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