Key Highlights
- GBP/USD started a fresh increase above the 1.2800 resistance.
- A short-term rising channel is forming with support at 1.2930 on the 4-hour chart.
- EUR/USD is consolidating gains above the 1.0820 resistance zone.
- Gold surged to a record high and tested the $3,035 zone.
GBP/USD Technical Analysis
The British Pound remained strong above 1.2800 against the US Dollar. GBP/USD formed a base and climbed above the 1.2850 resistance zone.
Looking at the 4-hour chart, the pair settled above the 1.2880 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even tested the 1.3000 zone before it started a consolidation phase.
There was a move below the 1.2975 level. On the upside, the pair is facing resistance near the 1.3000 level. The next major resistance is near the 1.3040 level.
The main resistance is now forming near the 1.3120 zone. A close above the 1.3120 level could set the tone for another increase. In the stated case, the pair could even clear the 1.3200 resistance.
On the downside, immediate support sits near the 1.2930 level. The next key support sits near the 1.2880 level. Any more losses could send the pair toward the 1.2820 level. The main support could be 1.2750.
Looking at EUR/USD, the pair remained stable and might soon now aim for a move toward the 1.1000 resistance.
Upcoming Economic Events:
- Fed Interest Rate Decision – Forecast 4.5%, versus 4.5% previous.
