The GBPUSD has capitalized on the recent pullback in the US dollar market, enabling the pair to print moderate gains. Meanwhile, trading indicators are still showing a bullish bias concerning the market trend. Let’s take a closer look.
Key Price Levels:
Resistance Levels: 1.2565, 1.2600, and 1.2700
Support Levels: 1.2500, 1.2400, and 1.2300
GBPUSD Bulls Are Bold and Strong
The GBPUSD’s upside retracement, which recently started, appears to have received a significant boost today. This pair has printed considerable profits, judging by the size of the last price candle on this chart. The upper and lower bands of the Bollinger Bands indicator can be seen contracting, signifying that the trend may persist.
Bolstering that opinion is the appearance of the last price candle above the middle limit of the Bollinger Bands. Meanwhile, the Relative Strength Index (RSI) indicator points out that bullish momentum is prevalent in the market. This can be seen as the lines of the indicator are rising towards the overbought zone from the oversold region.
GBPUSD Hovers Around the Uppermost Limit of the Bollinger Bands
Even in a GBPUSD market of 4 hours, the persistent nature of upside forces can be perceived. Here, price activity can be seen pushing against the uppermost limit of the Bollinger Bands. The last price candle here can be seen standing outside the uppermost band of the Bollinger.
At the same time, the RSI indicator lines have peaked out at the 100 mark of the indicator. Also, the leading and lagging lines of this indicator can be seen merged in this region, but no crossover has resulted. This shows that traders can maintain their bullish stance by setting trades with Forex signals targeting the 1.2600 mark.
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