Key Highlights
- GBP/USD started a fresh increase above the 1.3350 resistance.
- A connecting bullish trend line is forming with support at 1.3320 on the 4-hour chart.
- EUR/USD is consolidating gains above the 1.1350 level.
- Bitcoin could soon aim for a fresh move above the $95,000 resistance.
GBP/USD Technical Analysis
The British Pound remained stable above 1.3250 against the US Dollar. GBP/USD started a fresh increase above 1.3320 and 1.3330 to move into a positive zone.
Looking at the 4-hour chart, the pair settled well above the 1.3320 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bulls even pumped the pair above the 1.3400 resistance zone.
The pair is now consolidating near 1.3440. It seems like the bulls could soon aim for a move above the 1.3450 zone. If there is a fresh increase, the pair could face resistance near the 1.3500 level.
The next major resistance is near the 1.3550 zone. A close above the 1.3550 level could set the tone for another increase. In the stated case, the pair could even clear the 1.3620 resistance.
On the downside, immediate support sits near the 1.3400 level. The next key support sits near the 1.3350 level. Any more losses could send the pair toward the 1.3330 level. There is also a connecting bullish trend line forming with support at 1.3320 on the same chart.
Looking at Bitcoin, the price remains in a positive zone and might soon aim for a move above the $96,500 resistance zone.
Upcoming Economic Events:
US Housing Price Index for Feb 2025 (MoM) – Forecast +0.3%, versus +0.2% previous.
S&P/Case-Shiller Home Price Indices for Feb 2025 (YoY) – Forecast +4.8%, versus +4.7% previous.
