Sun, Aug 14, 2022 @ 04:14 GMT
HomeContributorsTechnical AnalysisGBPUSD Bullish Above Key 1.3000 Level

GBPUSD Bullish Above Key 1.3000 Level

GBPUSD hit its highest level since September 2016 yesterday, touching 1.3158. The pair is expected to maintain its short-term bullish bias as long as it holds above the key psychological level of 1.3000.

Any retracements will find this 1.3000 level as an immediate support but a fall below the July 12 low of 1.2853 would increase the prospects of continued downside to target the June 21 low of 1.2588. At this point the bias will shift to bearish and would suggest a top has been established at the 1.3158 high.

On the other hand, a bounce higher from current levels to clear 1.3158 would bring about a resumption of the recent uptrend with scope to target the next major high from last year in the 1.3400 handle.

The technical picture remains bullish for the short-term as the 50-day moving average crossed above the 200-day MA and momentum indicators such as RSI and MACD are both in bullish territory.
XM is a fully regulated next-generation financial services provider of online trading on currency exchange, commodities, equity indices, precious metals and energies, with services to clients from over 196 countries worldwide. Founded in 2009 by market experts with extensive knowledge of the global forex and capital markets and with the aim to ensure fair and reliable trading conditions for every client, XM has reached international recognition by virtue of its unbeatable execution of orders, spreads as low as zero pips on over 50 currency pairs, gold and silver, flexible leverage up to 888:1, and personalized customer engagement to foster clients’ success.

Featured Analysis

Learn Forex Trading