Price action in the GBPUSD continues to gain upside traction, mostly due to the weakness in the US dollar. Also, the ongoing trading session has witnessed a significant increase in bullish momentum. Due to this, price activity is now approaching an important price level at the 1.2819 mark.
Major Price Levels:
Resistance Levels: 1.2769, 1.2800, and 1.2850
Support Levels: 1.2719, 1.2700, and 1.2670
GBPUSD Buyers Keep Recording Profits
Following the recently reduced momentum surrounding the dollar, the GBPUSD pair is capitalizing on the weakening momentum, using it as a tailwind. In today’s session, price action in this market seems to have increased momentum towards higher price levels, considering the appearance of the last price candlestick.
At this point, price action is now halfway between the price range of 1.2702 and 1.2827. Meanwhile, trading activities continue to occur below the middle limit of the Bollinger Bands. Nevertheless, the Stochastic Relative Strength Index (RSI) indicator curves continue to rise upwards towards the 40 mark of the indicator, pointing out that upside forces are getting stronger.
GBPUSD Keeps Closing in on the 1.2800 Resistance Mark
Upside momentum keeps mounting in the GBPUSD market, considering price behavior on the 4-hour market. It could be seen there that prices are now above the middle limit of the Bollinger Bands. This position seems favorable to price action, as bulls may grow more confident in this terrain. At the same time, the RSI indicator has just recently delivered a bullish crossover near the 40 mark.
The upside momentum could still be considered weak at this point, but the behavior of the leading line of the RSI here is indicative of the fact that the momentum is strong. Therefore, we may still witness an additional upside correction towards 1.2800 at the very least.
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