The GBPUSD market has broken its downward trend but has failed to gather enough traction to make a significant upside move. As a result, the pair continues to consolidate between the 1.2100 and 1.2260 marks.
Key Price Levels:
Resistance Levels: 1.2149, 1.2200, and 1.2300
Support Levels: 1.2100, 1.2050, and 1.2000
GBPUSD Bounces Once More Off the 1.2100 Mark
Headwinds in the GBPUSD market have tried but failed to significantly break the support at the 1.2100 mark. Today’s trading session has bounced off the mentioned support, keeping the price threshold unbroken at this point. The current price of this pair now lies above the green set of the Guppy Multiple Moving Average (GMMA) curve.
Another indicator suggesting upside potential for short-term traders is the Relative Strength Index (RSI) indicator, which displays a bullish crossover above the 20 level of the indicator.
GBPUSD Still Likely to Rise Further Despite
Although price action has risen above the GMMA lines, the ongoing session has offered a gloomy outlook. On the contrary, the two sets of GMMA indicator lines are converging for a potential bullish crossover just under the price action. Consequently, this signals the potential for more upside traction in this market. However, the RSI lines are seemingly converging for a bearish crossover in the overbought zone.
Market signs at this point seem rather confusing; therefore, fundamentals might provide additional insight in predicting any short-term movements toward the 1.2149 mark.
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