GBPUSD's Next Move: A Crucial Phase Beyond Fibonacci Resistance
Solid ECN – As anticipated, the pound sterling is on an upward trajectory against the U.S. Dollar, and this uptrend persists. The RSI indicator remains above 50, while the ADX signal, hovering around the 20 level, does not indicate significant volatility. Apparently, the market awaits for the price to surpass 50% Fibonacci resistance before adding new bets on the current trend.
From a technical perspective, the bulls have already disregarded the previous day's high, and momentum is likely to continue rising after a minor struggle with the aforementioned Fibonacci level. If this scenario comes into play, the 78.6% level would be the next target.
Please note, dear traders, the bull market is robust, and for it to be invalidated, the price must dip below the Ichimoku cloud.