The US dollar has earlier eyed macroeconomic data expected to roll out today for support. However, this expectation seems to have been dashed. Consequently, this gave GBPUSD a fighting chance as the pair regained an upward path. Let’s try to speculate how far price action may go shortly.
Key Price Levels:
Resistance Levels: 1.2697, 1.2750, and 1.2800
Support Levels: 1.2600, 1.2500, and 1.2400
GBPUSD Upside Correction Looks Healthy
Price action in the GBPUSD daily market has capitalized significantly on the weakness of the US dollar. The corresponding price candle for the ongoing session seems to reveal that a considerable number of buyers are rallying behind bullish bets in this market. Consequently, the market eyes elevated marks above the middle limit of the Bollinger Bands.
Also, the Moving Average Convergence Divergence (MACD) indicator lines have just crossed the equilibrium level. In addition, the last bar on the MACD indicator is now solid green, suggesting that bullish momentum is strong at this point in time.
The GBPUSD Bulls Keep Showing Dominance
The GBPUSD 4-hour market even has more bullish characteristics than the one displayed on the daily market. This further stresses that upside momentum is ready to take the market upward. In this market, price action has crossed above the uppermost limit of the Bollinger Bands. A closer observation of the last price candle on this chart shows that upside forces are holding sway.
Bolstering this opinion is the activity on the MACD indicator. The lines of this indicator advance further above the equilibrium level, while the bars of the indicator retain their green color. The leading line of the indicator has a steeper bearing, showing that bullish tailwinds are strong in this market. Therefore, it seems the best Forex signals that could be used at this point in this market are bullish ones as the market may hit the 1.2780 mark.
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