While the Pound appears tranquil, it maintains a stronger stance against the US dollar. Consequently, the GBPUSD pair has capitalized on this to print moderate gains so far in today’s trading activities. This remains so ahead of key data such as the US housing figures and June’s CB Consumer Confidence. Let’s see what may be expected from this market shortly.
Key Price Levels:
Resistance Levels: 1.2700, 1.2800, and 1.2900
Support Levels: 1.2600, 1.2500, and 1.2400
GBPUSD Sees Huge Recovery in a Day
While GBPUSD price action has trickled downward over the past four sessions on a daily price chart, the pair today almost recovered all the lost ground due to downward corrections. The last price candle on this chart has placed the price of the pair above the 100- and 50-day Exponential Moving Average (EMA) curves.
Meanwhile, one can notice the appearance of an upper shadow above the price candle being examined. The Moving Average Convergence Divergence (MACD) lines have fallen below the equilibrium level, but the leading line seems bent toward the lagging one. At the same time, the indicator bars suggest that headwinds may be giving way to upside forces. However, the price move is still developing, and there is a need for more careful examination.
GBPUSD Price Rises Steadily
Price action in the GBPUSD 4-hour market has revealed how prices have risen consistently. Nevertheless, attention should be given to the last ongoing session, as it appears to be a hammer price candle. Although it is still favorable, it shows that the session may have hit a brick wall, which will require more effort from bulls to initiate a break.
At this point, buyers will have to overcome the gravitational pull created by the crossing over of the 100- and 200-day EMA lines. The MACD lines are still rising upward, and its bars are still solid green. Be that as it may, traders may have to monitor relevant fundamentals to decide if the upside correction will extend toward the 1.2700 mark in the meantime.
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