Pound is trading around 1.2494 and currently monthly sentimental RSI turned positive and likely to continue positive in the long term. It had almost taken 7 months for the sentiment to change positive since BR Exit. The Transition of sentiment from Red to Yellow color indicates positive trend reversal and the trend change is likely to be long term.
GBPUSD on the weekly charts trading above 4 week high along with sentimental RSI turned positive for this week which once can identify the positive medium term trend reversal from the transition of color change from red to yellow.
GBPUSD Daily Trend is continue to be positive for the last 5 trading sessions. Rally started following Prime Minister’s Theresa May speech last week, which sent the pound sharply higher.
Overall selling pressure in GBPUSD is fading out and more likely longterm trend reversal in progress. GBPUSD might test 1.295 zone in the medium term.