Price action in the GBPUSD daily market remained mostly between the 1.2700 price mark and the 1.2800 price mark. However, since price activity fell below 1.2700 about ten trading sessions ago, price action seems to have picked a slightly upside path. Today’s trading session seems to have further brightened the hopes of a more vigorous upside retracement in this market.
Major Price Levels:
Resistance Levels: 1.2743, 1.2800, and 1.2850
Support Levels: 1.2700, 1.2650, and 1.2600
GBPUSD’s Upside Impetus Is Getting Stronger
On the GBPUSD daily market, price action has gradually retaken support above the 21-day Smooth Moving Average (SMA) curve. Meanwhile, the ongoing session has brought stronger upside hope to trading in this market. This can be observed as the price candle for the ongoing session has appeared above the 9-day SMA line as well.
Consequently, trading activity for this pair is now occurring above the 9- and 21-day SMA lines. At the same time, the MACD curves are now steadily rising toward the equilibrium level from below it. The bars of this indicator are also green in appearance while they continue to grow taller, indicating that price action is fast gaining upside momentum.
The GBPUSD Bulls Seem Determined to Break the 1.2800 Resistance
The GBPUSD 4-hour market has revealed how resilient bulls are in striving to extend the ongoing trend. For about five sessions, price action has remained above the 9- and 21-day Smooth Moving Average (SMA) curves. However, the ongoing session seems to have introduced a minimal downward correction in price. Nevertheless, the bars of the MACD remain solid green, while its lines continue to trend upwards above equilibrium.
Technically, this seems to indicate that despite the minimal downward correction of prices, upside momentum seems undiminished. Therefore, this suggests that price action will continue toward the 1.2800 resistance level.Do you want to take your trading to the next level? Join the best platform for that here.
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