Forex Technical Analysis GBPUSD | Our expectations:
An uptrend and an accelerated slope create an expectation for a further raise in the pair. The price is close to diagonal support, which creates the opportunity for long positions after a slight adjustment to 1.4030 with a stop of 1.3890.
Bullish engulfing bar - positive signal. SMA50 and SMA200 in ascending formation, the price is close to 50SMA.
Fundamental: The negative NFP data from the United States on Friday is likely already priced in, but positive economic data will be needed to see the appreciation of the dollar. Additional negativism against the USD will also be due to US-China trade rhetoric and possibly the US currency will remain under pressure this week as well.
Alternative scenario: If the price fails to break the upper diagonal resistance or pass below 1.39 and keep below it will break the positive scenario.
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