GBP/USD: Fuelled Up And Currently Rocketing!
What a day it has been! Over 150 PIP bullish run and its only 6pm! Let's get to what might have caused this move in a minute
First recapping ourselves from last week, GBP/USD in 7days fell 300+ PIPs! Falling from highs of 1.33000, all the way down to the suggested target of 1.3000 at the end of week.
Yesterday on market open GBP/USD in fact gapped to the downside in the early trading hours, opening at 1.29700. However, from the moment the London session kicked in, the pound has been on an impressive bullish run, many suggesting this move is due to positive steps relating to the Brexit. If this rumour is true it would explain how all GBP/related pairs have been affected.
Looking at the 2-hr timeframe got GBP/USD we can see our descending trend line has been broken, as price crossed over our Target 1 at 1.31000.
We have now had 2 consecutive 4-hour bullish candles, suggesting we are not finished with the upside just yet. There could be some consolidation after such a move today, also the trading day coming to an end. However tomorrow there is room for another 50+ PIPs to our next resistance.