GBPUSD mounted a moderate comeback on Wednesday
GBPUSD mounted a moderate comeback on Wednesday, bouncing off support in the 1.2430 region. If the pair extends its rebound in the coming trading days, resistance awaits at 1.2525, followed by 1.2575 near the 200-day simple moving average. On continued strength, the next key level to watch is 1.2645.
Alternatively, if sellers return and trigger a market selloff, support is visible at 1.2430. To prevent a larger drop, bulls must protect this floor tooth and nail; any lapse could usher in a slump towards 1.2325. Further losses beyond this point might refocus attention on the October 2023 lows near 1.2040.
Alternatively, if sellers return and trigger a market selloff, support is visible at 1.2430. To prevent a larger drop, bulls must protect this floor tooth and nail; any lapse could usher in a slump towards 1.2325. Further losses beyond this point might refocus attention on the October 2023 lows near 1.2040.
Comment:
GBP/USD breaks two-week high at 1.2500
GBP/USD rose to a two-week high of 1.2500 since April 12.
GBP/USD has had a pretty good run this week, especially after Monday's decline. The pair tested the 1.2300 level before bouncing back more than 200 pips to 1.2520.
The 38.2 Fib retracement level at 1.2526, now offers some minor resistance. Next is the 200-day moving average at 1.2559 which is a more important level to be cautious of in the coming days.
GBP/USD rose to a two-week high of 1.2500 since April 12.
GBP/USD has had a pretty good run this week, especially after Monday's decline. The pair tested the 1.2300 level before bouncing back more than 200 pips to 1.2520.
The 38.2 Fib retracement level at 1.2526, now offers some minor resistance. Next is the 200-day moving average at 1.2559 which is a more important level to be cautious of in the coming days.
Comment:
GBP/USD's upward momentum is currently continuing and the pair is currently trading around 1.2500. The reason for the recent increase in the British Pound mainly comes from the latest economic data signaling that the BoE may have to keep interest rates at high levels for a longer period of time.
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GBPUSD's upward momentum following yesterday afternoon's UK CPI report appears to have paused after testing the 100 hour MA. But at least the buyers have made an effort to break through this resistance in the short term. However, the pair remains blocked at Wednesday's peak near 1.2482.
In the short term, the price trend has turned neutral as the pair is stuck between the 100 and 200 hour MAs. Bulls are also moving towards minor resistance levels and bids are close to 1.2500. Overall, the rebound yesterday afternoon really didn't have much technical significance, and more momentum will be needed to reverse last week's sharp decline.