The Greenback has continued to maintain a relatively weaker stance against its pairs across the market. This has allowed the GBPUSD to record minimal profits. However, investors will likely anticipate the release of more impactful fundamentals such as the Consumer Price Index (CPI).
Key Price Levels:
Resistance Levels: 1.2800, 1.2900, 1.3000
Support Levels: 1.2700, 1.2600, 1.2500
GBPUSD Minimally Extends Bullish Retracements
Price action in the GBPUSD market has stayed in the green today. Yesterday’s trading saw an upside rebound above the 20-day Moving Average (MA) lines. With the ongoing session, the market is closing in on the next psychological resistance at the 1.2800 price level. As of the time of writing, the last price candle on the chart has only attained the height seen in the three sessions.
Additionally, the Stochastic Relative Strength Index (RSI) has reached the 100 level of the indicator. The lines of the indicator are merged and are now dragging sideways there. However, the position of the market above the 20-day MA line suggests that GBPUSD has a short-term bullish outlook.
GBPUSD Upside Retracement Stays Intact
Here in the GBPUSD 4-hour market, it is clearly portrayed that buyers are clinching minimal gains. The last two sessions on the chart are green, and the last candle has risen slightly above the previous one. The last tiny green price candle on the chart can be seen rising slightly above the 20-day MA line.
Also, the Stochastic RSI lines converge for a bullish crossover just above the 20-threshold level of the indicator. Consequently, this further affirms the short-term bullish outlook of this pair, hinting that price action may breach the $1.2800 level.
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