The GBPUSD market has edged higher as market participants anticipate employment-related data and the Fed’s monetary policy announcements. The market now eyes the 1.2600 mark. Let’s examine the chances of price action breaking this resistance level.
Key Price Levels:
Resistance Levels: 1.2600, 1.2700, and 1.2800
Support Levels: 1.2500, 1.2400, and 1.2300
GBPUSD Has Good Chances of Hitting Higher Levels
The new trading week has begun, and the GBPUSD pair seems to be capitalizing on some beneficial fundamentals. Today’s trading activity has delivered considerable gains, judging by the size of the corresponding price candle. Upside forces in the market have pushed the pair further above most of the Guppy Multiple Moving Average (GMMA) lines.
Simultaneously, the Relative Strength Index (RSI) indicator lines have reached the 100 mark. While these lines appear to be merged, their upward trajectory suggests strength, indicating that bullish Forex signals can still be utilized.
GBPUSD Bulls Retain a Favorable Stand
In the GBPUSD 4-hour market, market activities are occurring clearly above the GMMA indicator lines. While the previous session produced an upside correction, the ongoing session has further advanced the trend. The RSI indicator lines have reached the 100 mark with no bearish crossover yet. However, the leading line of the indicator, precisely at the 100 mark, appears to be trending sideways.
Overall, it appears that most movement in this market stems from weakness in the USD, as the pound remains relatively quiet from a fundamental standpoint. Consequently, the aforementioned fundamentals will play a key role in determining if the uptrend will continue through the 1.2600 resistance level.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply