Chapter 11 GBPUSD shooting up
Fundamental analysis
The price of the pair witnessed a strong rise during yesterday’s session, affected by the decline in the dollar index due to the weak yield of US bonds with various periods of 10, 20 and 30 years, and also the decline in the manufacturing index, and we await this week a number of important news on both currencies that will have a strong impact on the performance of the pair As shown in the economic agenda
Technical analysis
The price of the pair witnessed the first positive sign, as it rose from the support level of 1.09300 to a higher bottom than the previous one, and it continued to rise well and is now testing its previous peak at the important resistance level of 1.14900, accompanied by many positive signs on the young indicators, and this level represents the gateway to the upside in the short term Where in the event of a breach to the upside, the pair's direction will change to the upside in the short term and will push the pair's price to rise further towards the 1.18800 resistance area, and this positive vision will remain as long as we trade above the mentioned support level.
The next expected movement scenario:
Positive move:- If the resistance level 1.14900 is breached upwards, we expect it to target the resistance level 1.18800 at least, and we expect this scenario to happen.
Negative move:- If the support level 1.09300 is broken down, it will witness more decline towards the support 1.03600 at least.
