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- GBP/USD is trading near a 6-month high
GBP/USD is trading near a 6-month high
Today, on the hourly chart, GBP/USD continues its steady upward movement, reaching a 6-month high of 1.3425 yesterday. After reaching the local maximum, consolidation began just below the level of 1.3425, which may indicate a slowdown in the upward momentum or the formation of a corrective movement. The MA (200) H1 moving average (1.3200) has an upward trend and is well below the current price, which confirms the presence of a medium-term bullish trend. The MACD indicator shows a slowdown in the upward momentum: the histogram decreases, although it remains in the positive zone, which may indicate a possible short-term correction. The overall technical picture remains positive as long as the price remains above the 1.3295 level.
Resistance levels are: 1.3435, 1.3530, 1.3650
Support levels are: 1.3295, 1.3200, 1.3115
The main scenario for the pair's advance assumes a breakout of the resistance at 1.3435 (Sept 26 high) and there may be an increase to 1.3530 (Jan 26’ 2022 high)
An alternative scenario implies a breakout of the support of 1.3295 (April 16 high) and a possible decline of 1.3200 (April 17 low, МА (200) Н1).
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