GBPUSD: Uptrend continues towards 1.2800 - 1.2900 target

Hello everyone, let's explore the price of gold and our strategy for the new day!

In general, GBPUSD has experienced a significant increase, surpassing the daily low of 1.2690. It is currently trading around the new high of 1.2732, after reaching a milestone of 1.761, marking a 0.03% increase for the day. So, what are the reasons and factors that have driven this currency pair?

Regarding influencing factors: The UK Spring Budget announcement and the testimony of Federal Reserve Chairman Jerome Powell have supported the price increase of this currency pair, setting it up to test the 1.2800 level.

Regarding new prospects for GBPUSD: On the 1-hour chart, GBPUSD is currently receiving strong support around the 1.2723 level, which is also the upper limit of the upward channel and the 34,89 EMA levels. A breakthrough below this level could lead to a decline in GBP/USD. The next support level would be at 1.2700, although the overall trend is still upward. If buyers continue to push the upward momentum, the next target will be the 1.2900 level.

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Comment:

It is expected that prices will continue to go up after the short-term correction and the support level of 1.2700 is an extremely strong and important support level for their growth momentum.

Comment:

Goal 1 was profit

Comment:

Trade closed: target reached