GBP/USD D1 Technical April 29

The long term outlook for cable remain bullish. As the rate is on top of bollinger showing oversold for GBP/USD so there will so some correction. If GBP/USD test its resistance at 1.5550 level and fails to give a H4 closure above 1.5550 level then pair is likely to dropped towards south and target 1.5420 level.

On the other hand, If cable manage to break its resistance and H4 candle closure above 1.5550 level then GBP/USD will continue to move upward.

High impact News can affect the trend of pair. News like Pending Home Sales m/m.

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