The GBP/USD market has witnessed some favorable fundamentals. Consequently, this appears to have triggered a strong tailwind in the market, causing its price action to break through three major resistance levels. What can still be expected from this market? Let’s get a closer look.
Major Price Levels:
Top Levels: 1.2252, 1.2300, and 1.2350
Floor Levels: 1.2200, 1.2150, and 1.2100
GBP/USD Extends Profit Above the 36.20 Fibonacci Retracement Level
GBP/USD price action kept gathering profits after it broke through the 38.20 Fibonacci level as a support. Furthermore, the MACD indicator is showing that the uptrend is still strong. This could be seen as the faster lines of this indicator are now above the equilibrium level. Also, the bars of the indicator are reflecting the strength of the current price move, as they are getting taller and green in color. The RSI curves are now at the 100 mark (peak of the overbought region) of the indicator. So far, market signs are positive about an additional price increase in this market.
GBP/USD Maintains Its Bullish Stance
Price action in the GBP/USD four-hour market continues to gain more upside traction. It could be noticed that prices have increased from 1.2252 to 1.2253. Also, price candles are now appearing at the upper limit of the applied Bollinger Band indicator. At the same time, the RSI curves are still rising, with the leading line now at the 65 mark. Also, the MACD indicator curve has resumed trending upward after avoiding a bullish crossover. Also, the histogram bars are still green in appearance, which shows that upside momentum is still evident in this market. Therefore, the pair’s price may advance toward the 1.2400 mark.
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