GBP/USD dribbles around 1.2350 amid Friday’s Asian session, after refreshing the weekly top during a two-day uptrend the previous day.
In doing so, the Cable pair jostles with an eight-day-old descending trend line resistance while keeping the latest upside break of the 50-SMA and the weekly horizontal resistance area, now support.
Other than the latest breakouts, the firmer RSI (14) conditions, not oversold, join the bullish MACD signals to keep GBP/USD buyers hopeful.
However, a clear upside break of the 1.2350 becomes necessary for the cable pair to aim for the immediate hurdles, namely the 100-SMA and a descending trend line from May 30, respectively around 1.2450 and 1.2530.
It’s worth noting that the clear upside break of 1.2530 won’t hesitate to propel the GBP/USD prices beyond the monthly high around 1.2600.
Alternatively, pullback moves remain elusive until the quote drops back below the 50-SMA level near 1.2325.
Also acting as short-term key support is the previous horizontal resistance area comprising multiple tops marked since Monday, near 1.2210-2200.
Trend: Further upside expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.