The US dollar has remained weak despite the available fundamentals. This has given GBPUSD bulls the chance to advance further upward from the week’s initial gains. However, the dollar has yet one more fundamental on the way, which may impact the sentiment surrounding the greenback.
Key Price Levels:
Resistance Levels: 1.2640, 1.2700, and 1.2800
Support Levels: 1.2600, 1.2500, and 1.2400
GBPUSD Records Significant Gains
The GBPUSD has had a good start to the week, as its price movement has gained significant traction off support around the 1.2600 mark. However, the ongoing session has witnessed rejections, causing moderate downward corrections. Yet, upside forces seem quite resilient. The last price candle here has placed the pair above some of the green Guppy Multiple Moving Average (GMMA) lines.
Simultaneously, the Moving Average Convergence Divergence curves are beginning to close in on each other for a crossover. The appearance of the last bar of the indicator shows that upside market forces are actively trying to stay in control, suggesting that traders might want to retain the use of bullish Forex signals.
GBPUSD Technical Indicators Support Bullish Stance
The GBPUSD on a 4-hour market timeframe seems predisposed to a trend continuation. Although a downward correction has occurred in the ongoing session, price action has risen above most of the applied GMMA indicator lines. Despite the rejection, the MACD indicator lines maintain their upside bearing.
Also, the bars of the indicator are still solid green, pointing out that the upside forces are still quite viable. Be that as it may, the expected Fed’s Cook speech is eyed for further impetus in this market. While traders can anticipate a retracement of the 1.2670 mark, they should monitor the outcome of the Fed’s speech as well.
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