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GBP/USD Chartpack - Technicals & Trade Setup : FxWirePro | January 9, 2018

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 Bulls have tested strong supports at 1.3522 levels and spiking constantly 5 days in a row, in this process, shooting stars have occurred at 1.3558 levels (refer 4H charts).

The rallies are shrugging-off this bearish pattern but restrained below stiff resistance @1.3585 levels, the current prices are well above DMAs, while both leading indicators to favor buying interests.

On a broader perspective, the current has still been spiking through rising channel pattern (on weekly plotting), testing support hovering at 7EMAs and hammer pattern candlestick still intensifies the bull rallies.

Hammer has occurred on this timeframe, as a result, the upswings have spiked well above EMAs with bullish crossover, both leading & lagging oscillators converge upwards (weekly charts), coupled with the fact that the intermediate trend and major trend has gone into the consolidation phase, we foresee most likely price spikes further.

You could still see as and when the price touches channel support, sharp spikes are seen upon hammer pattern candlesticks (weekly plotting).

For now, more upside potential is foreseen as the current prices testing support at 7EMAs.

On the flipside, the major stiff resistances are seen at 1.3652 levels. But both the leading oscillators have been constantly converging upwards on monthly terms to signal strength in rallies.

Trade tips: On an intraday speculative basis, we advocate one touch binary call option to leverage yields.

Currency Strength Index: FxWirePro's hourly GBP spot index is inching towards 74 levels (which is bullish ). Hourly USD spot index was at shy above -42 ( bearish ) while articulating (at 06:13 GMT             ).

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