ZuluTrade Blog

Market View

GBPUSD is moving steady within a rising channel

Wednesday, May 24, 2017 5:34 AM GMT

GBPUSD is moving steady upwards within a rising channel for the last month. The agenda is full of events, starting with Theresa May’s comments about Manchester’s terrorist attack and then China’s downgrade to A1 from Aa3 by Moody’s for the first time in nearly 30 years. This caused a little nervousness in Asian session. However, it’s not over yet as we are expecting FOMC minutes later tonight, where traders are waiting for info about the potential Fed’s rate hike in June. As we said, Cable is moving sideways upwards within a channel. This means that the intraday action is a little difficult to be followed by the traders.

We have noted few interesting resistances and supports in which traders may find potential trading setups. The price is currently consolidating between 1.30 to 1.295. Bulls want an upwards breakout of 1.30 while bears 1.295.




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