In recent times, price action in the GBP/USD market has lost volatility, either in the upside or downside direction. Nevertheless, buyers have been gathering minimal profits in the upside direction. Even now, price action is still crawling toward resistance at 1.2300.
Major Price Levels:
Top Levels: 1.2249, 1.2300, and 1.2350
Floor Levels: 1.2200, 1.2150, and 1.2100
GBPUSD Stays Consistent with Minimal Profit
On the daily GBPUSD chart, traders continue to record only minimal profit. This is revealed as small-bodied green price candlesticks have been appearing since the previous trading session. Yet, it appears that the price action may still climb since it remains above the middle limit of the Bollinger Bands indicator. Also, the Relative Strength Index (RSI) indicator is about to supply more upside traction as its lines are now approaching each other for a bullish crossover. The Moving Average Convergence and Divergence (MACD) Indicator has moved closer to each other in what seems like an attempt to initiate a bearish crossover. However, the aforementioned signs seem to have been aborted, as these lines now journey sideways.
GBPUSD Buyers Are Still at an Advantage Against a Price Downward Retracement
On the 4-hour GBPUSD market, price action seems to have retraced a bit toward the downside. However, it appears that buyers are still protected considering some technical factors. Here, the last price candle has retraced price action toward the 1.2240 support. Nevertheless, it should be noted that price action is still above the middle limit of the Bollinger Bands indicator. Consequently, this suggests that the GBPUSD price may still move upward from this point. Also, the MACD indicator curves can be seen rising back above the equilibrium level, shortly after crossing below it. Although the RSI lines have given a bearish crossover, it should be noted that these lines are in the oversold region. Therefore, since most of the market indications align with the idea of a possible price increase, traders can expect that the pair’s price may continue toward the 1.2400 mark.
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