GBPUSD Continues Cautiously Upwards

The GBPUSD market has managed to maintain its minimal upward correction. The current session has seen a considerable degree of cautiousness following the upward rebound off the support at the 1.2700 mark. Despite the minimal upside movement so far in today’s trading endeavor, this market seems to position itself to catch more tailwinds.

Key Price Levels:

Resistance Levels: 1.2800, 1.2900, and 1.3000

Support Levels: 1.2700, 1.2600, and 1.2500

GBPUSD Records Only Minimal Profit

The prevalent cautious mood in the GBPUSD market has prevented the market from printing any significant gains in today’s trading activity. The price candle representing the ongoing session has appeared as a hammer candlestick. Nevertheless, it has placed the market above all the Exponential Moving Average (EMA) curves.

Although the last price candle here has only surpassed the 20-day EMA by a whisker, the main opinion is that the market is favorably positioned. Furthermore, the Moving Average Convergence Divergence (MACD) indicator lines can be seen above the equilibrium level. Although the bars of this indicator are appearing red and below the equilibrium level, the length of those bars suggests that downward forces aren’t gaining momentum.

GBPUSD Has Fair Chances of Printing More Profits

In the GBPUSD 4-hour market, it can be seen that price action has rebounded off the support at the 1.2700 mark. Consequently, the market has been rising through the EMA lines. The last price candle can be seen attempting to rise above the 100-day EMA line despite its red appearance.

Meanwhile, the MACD lines are steadily trending upwards towards the equilibrium level following a crossover. Additionally, the bars of the indicator appear above the center line of the indicator. This hints that upside forces are gaining momentum. Consequently, traders might want to keep track of the ILO Unemployment data for guidance concerning a continued upward correction towards the 1.2770 mark.

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