The poor performance of the USD in recent times has assisted GBPUSD, as well as some other FX pairs, in printing considerable profits. Late last week, the USD seemed to stabilize a bit, increasing the difficulty of printing additional price increases. It appears that the Fed’s speaker has been careful to avoid inciting any drama ahead of this new week.
Key Price Levels:
Resistance Levels: 1.2800, 1.2900, and 1.3000
Support Levels: 1.2700, 1.2600, and 1.2500
GBPUSD May Climb Higher
The GBPUSD price movement has faced considerable contraction in recent times. This could be seen on the daily market as price activity shows a significant reduction in volatility. However, today, the market has continued upwards above the Guppy Multiple Moving Average (GMMA) lines.
Meanwhile, the lines of the Stochastic Relative Strength Index (SRSI) have continued to hover near the 100 mark. This shows that price action has upside potential and may forge higher towards much higher price levels.
GBPUSD Has a Good Outlook
From the GBPUSD 4-hour market, it appears that upside momentum is resilient and will likely continue to propel the market. The last-priced candle here maintains a petite appearance. However, the lack of an upper shadow shows that price action may progress further upward. Meanwhile, the SRSI indicator lines have delivered a bullish crossover.
Also, the ensuing lines seem to be rising strongly towards higher marks. Consequently, this suggests that the upside momentum may grow stronger. However, this will be keenly dependent on the kind of reaction the upcoming Fed’s speech will trigger. This will play a key role in determining if prices will eventually hit the 1.2800 mark, making bullish Forex signals relevant I’m this market.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply