The GBPUSD market continues its upward trajectory, breaking through the resistance at $1.2700. This movement is largely due to the persistent weakness of the US dollar, stemming from the possibility of the Federal Reserve maintaining a restrictive stance longer than anticipated. At this point, the market looks poised to print more gains.
Key Price Levels:
Resistance Levels: $1.2800, $1.2900, and $1.3000
Support Levels: $1.2700, $1.2600, and $1.2500
GBPUSD Eyes the $1.2800 Mark
The GBPUSD has been able to rise towards higher price levels following a short period of consolidation at the $1.2700 mark. On the daily price chart, price action now closes in on another technical resistance level.
The market continues to fly high above all the Exponential Moving Average (EMA) curves. Additionally, the new session has appeared bullish and suggests that upside forces may have targeted the $1.2800 mark. The Stochastic Relative Strength Index (SRSI) lines can be seen taking an upward trajectory in the oversold region.
The GBPUSD Market Maintains an Upward Trajectory
Even in the GBPUSD 4-hour market, price action remains bullish, similar to the daily market. The last price candle corresponding to the ongoing session is still above all the EMAs and appears green.
The Moving Average Convergence Divergence (MACD) indicator lines are beyond the equilibrium level, with the bars appearing green and the lines rising upwards above the equilibrium level. This indicates that forex signals with targets above the $1.2800 mark are still viable in this market.
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