GBP/USD Technical Analysis – Hantec Markets 28/08/2020

by birtanpublished on September 15, 2020

Welcome back to my daily report market analysis videos with me richard perry market analyst at hand tech on friday 28th of august let's look at cable now which is breaking out um the volatility that we saw again i mean

Just throughout all the major charts i'm going to talk about today volatility in the wake of that powell speech yesterday was significant and actually en ended up generating pretty much across the board fairly

Neutral candles but the the dollar weakening and the risk positive angle has really taken hold today cable driving higher 65 um just over a half percent high 85 pips up on the day breaking out above 32.65 it couldn't

Hold that break yesterday can it hold that break today 32 65 was last week's high now the the issue is that uh beyond 30 i mean if you sort of take it back into the

December area 3285 beyond that you're looking at 35 15 which was the spike high that you got in the wake of the uk general election on sterling sterling spiked strongly higher then almost

Immediately unwound and that was the top but obviously that is now key resistance um and uh the market is pulling on today now if it can close a breakout above 32.65 it really

Does as i said open the upside once more 31.85 interestingly enough that was the old um an old breakout that has become the basis of support today but look at these momentum indicators turning up on

Macd stochastics accelerating high rsi into the mid 60s looking positive with upside potential as well so it's looking decent now um you've got

The weaknesses a chance to buy i think that's pretty fair to say at the moment and holding on to that support at 3050 was really important because it

Protected obviously the 30 big figure to 2980 support band from previously but it really does now suggest that leaving that behind that becomes a higher low

On the breakout of 32.65 so 3050 is now your higher low and the trend higher is going i think it pretty much all points to upside move on cable now as i said here's the hourly chart and you've

Broken out this morning let's get the uh hourly crosshair there that was a mini breakout above 32 30 area so initially that now becomes the basis of support all this

Sort of congestion um interesting that 31 60 area um little old highs from 25th and 26th of august that was tuesday wednesday became basis of support

Uh yesterday so again that adds to the support underlying but it certainly looks as though cable is strengthening now and buying into weakness so if it can hold this break out by 3265 that really is

Bullish so i wish you good luck in your trading today click here to subscribe to our analysis videos go to our website sign up for our webinars and click to watch trader talks add videos that give you

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