The GBPUSD market continues northward after consolidating for two sessions the previous week. However, the new week has started with conspicuous gains being recorded by bullish traders as trading activity closes on a technical resistance up ahead, thanks to the news surrounding the assassination attempt on Trump.
Key Price Levels:
Resistance Levels: 1.3000, 1.3100, and 1.3200
Support Levels: 1.2900, 1.2800, and 1.2700
GBPUSD Closes on the 1.3000 Threshold
The GBPUSD pair seems to have capitalized on the assassination attempt news from the USD side of the market. This scared investors into a cautious mood, negatively affecting the greenback. Meanwhile, the pound has maintained a more stable characteristic.
As a result, upside forces produced some decent profits in this market above the Exponential Moving Average (EMA) curve. Simultaneously, the Stochastic Relative Strength Index (SRSI) lines have performed a bullish crossover in the overbought region and have continued sideways. This shows that upside forces are persistent and may try to break the 1.3000 price level.
Bulls in the GBPUSD Market Maintain a Strong Stance
Technical indicators in the GBPUSD 4-hour market suggest that upside forces are quite formidable in causing further price increases. The last price candle on the chart maintains similar characteristics to those on the daily price chart above. Likewise, the market continues above all the EMA curves and presses on the technical resistance at the 1.3000 price level. The SRSI indicator lines rise steeply upward from the oversold region.
This reflects the strength of the upside forces in this market. While more impetus is expected from the fundamentals surrounding the greenback later today, the market may try to break the resistance at the 1.3000 mark. This may happen ahead of the US auction bills and Fed Powell’s speech, which will hint at the next course of action after that.
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