Technical Analysis:
The GBP/USD pair is currently trading around 1.2983, approaching a critical resistance level after recent bullish momentum. Both the 50-period and 200-period Weighted Moving Averages (WMAs), located at 1.29443 and 1.29798 respectively, signal support below, indicating a potential continuation of the uptrend. The pair’s current movement hints at a bullish sentiment, with buyers potentially aiming for a breakout.
A close above 1.2983 could lead to further upside toward 1.3000. However, if GBP/USD fails to hold this level, a pullback might target support around 1.2950.
Support: 🔻 1.2950
Resistance: 🔺 1.2983, 1.3000
Moving Averages:
📉 GBP/USD remains above both the 50-WMA and 200-WMA, underscoring a bullish outlook. A decisive close above 1.2983 may strengthen this trend, though a rejection at this level could lead to consolidation.
Volume:
📊 Trading volume has shown a steady increase, suggesting strong interest as the pair approaches 1.2983. Continued high volume on a breakout could confirm additional upside momentum.
Key Levels to Watch:
Support: 1.2950
Resistance: 1.2983, 1.3000
Outlook:
🚩 GBP/USD is testing a significant resistance level at 1.2983. A breakout could signal more gains, while a failure to hold this level might result in consolidation or a pullback.
Fundamental Analysis:
The GBP/USD pair remains influenced by the latest economic indicators from both the UK and the US, with market participants focused on potential shifts in central bank policies. Ongoing discussions around inflation and interest rates add complexity to the pair’s outlook, with traders closely watching for any cues from upcoming economic data.
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