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Possible Buying Opportunity in GBPUSD

Possible Buying Opportunity in GBPUSD

Martin Essex, MSTA, Analyst

GBPUSD talking points:

- GBPUSD is in a rising channel and a move towards the top of that channel is now possible.

- There is fundamental support for GBP too after a report that a solution to the post-Brexit Irish border problem is imminent.

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GBP could potentially move higher

GBPUSD has been a rising channel on the daily chart since the start of March and after two days of falls a move up to the resistance line marking the channel’s upper boundary now seems possible.

GBPUSD Price Chart, Daily Timeframe (January 19, 2018 – March 28, 2018)

Latest GBPUSD daily price chart.

Chart by IG

As the chart above shows, channel resistance now comes in at 1.43, approximately 1½ cents above the current GBPUSD level. Meanwhile, there is channel support at 1.4045 and then at the 20-day and 50-day moving averages.

The spur for the move higher could be a report in The Times newspaper that Irish officials have been told to expect new plans “imminently” from the UK on how it plans to avoid a post-Brexit hard border between the Republic of Ireland and Northern Ireland, which is part of the UK.

If that is confirmed, it would likely give GBP a boost as the border issue has been one of the principal Brexit problems and a solution has so far proved evasive.

Note too that on the five-minute chart the relative strength index is approaching the 30 oversold level.

GBPUSD Price Chart, Five-Minute Timeframe (March 27, 2018 – March 28, 2018)

Latest GBPUSD five-minute price chart

Chart by IG

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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