The GBP/USD fell in the 1/31 US session and then in the Asian session in an ABC manner. However the 1H chart shows that the decline was held above the 100 hour simple moving average as well as respect the rising trendline. RSI held above 40 reflecting maintenance of bullish momentum especially when it was brought back above 60. In the 2/1 European and now heading into the US session, the market is accelerating to the upside.
As discussed in the previous update, the move above 1.5770, as well as 1.58 opens up 1.59 and 1.61.
Fan Yang CMT is the Chief Technical Strategist of IBTRADE and FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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