A daily candlestick chart of the GBP/USD currency pair appears above showing the rate rising sharply yesterday and this morning beyond its medium term down trend line drawn in red. It also pushed strongly above its 38.2 percent Fibonacci retracement level towards it 26.8 percent level. The rate is now approaching its falling 200 day Moving Average shown in green from below, and its 14 day RSI drawn in blue in the indicator box rose to central neutral territory and confirmed today’s high.
Cable rose sharply yesterday and this morning to make a new recent high at 1.6524, exceeding its falling downtrend line at 1.6423 in the process. The rate also pushed strongly above the 1.6282 level of its 38.2% Fibonacci retracement level of its rise from 1.4812 to 1.7190 toward the 23.6% Fibo level at 1.6629. The rate’s 200 day MA lies at 1.6738 with a negative slope, and its 14 day RSI has risen to central neutral territory at the 52.21 level and confirmed today’s high. Its outlook is bullish near term but turning neutral medium term.
