Lots of drama surrounds the US dollar, making the GBPUSD market a bit more intriguing. However, the pair continues to trade in the green ahead of important Consumer Price Index data. The emergence of this data will be key in determining if more gains will be recorded or profits will be trimmed.
Key Price Levels:
Resistance Levels: 1.2654, 1.2700, and 1.2750
Support Levels: 1.2604, 1.2550, and 1.2500
GBPUSD Bulls Are Clinging Hard to Standing Gains
As mentioned earlier, the GBPUSD is filled with a significant amount of intrigue. The last price candle on this chart can be seen to have significantly contracted towards the open, showing that downward forces are actively resisting upside progress.
Nevertheless, the market stands in between the Guppy Multiple Moving Average (GMMA) lines. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines have performed a crossover below the equilibrium level. It should be noted that the ensuing lines of this indicator seem not to be rising upwards following the crossover, which may be largely due to bearish effects. Nevertheless, green bars are showing above the MACD’s equilibrium level, affirming the retained profits at the moment.
GBPUSD Hits Resistance, But Buyers Seem to Maintain a Favorable Stance
The GBPUSD 4-hour market has revealed that price movement may have hit a resistance after its price action punched its way through the 1.2650 mark. Be that as it may, the last price candle corresponding to the ongoing session stands comfortably above the GMMA lines. At the same time, the MACD indicator lines are now converging above the equilibrium level.
Likewise, the bars of this indicator are now pale red, showing that downward forces are weakened. Yet, upside possibilities in this market seem largely hinging on the outcome of the CPI data, as it may aid the dollar to gain strength against the pound. But in the meantime, traders may want to keep setting their trades with Forex signals, with targets near the 1.2700 mark.
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