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- GBP/USD shows an uptrend
GBP/USD shows an uptrend
There is an upward trend on the hourly chart of the GBP/USD pair, confirmed by the price increase above the moving average of MA (200) H1. After a corrective decline around June 10, quotes confidently turned up and overcame intermediate resistances. The current price is at 1.3590, near the strong horizontal resistance of 1.3600. The MACD indicator shows a steady movement above the zero line, which confirms the current bullish trend. The MACD histogram is increasing, which indicates an increasing upward momentum. However, the current price is close to the resistance area, and a short-term correction is possible when candle reversal signals are formed. In general, the technical picture remains positive, provided the price holds the level above 1.3520.
Resistance levels are: 1.3600-20, 1.3650, 1.3695
Support levels are: 1.3520, 1.3450-65, 1.3415
The main scenario for the pair's advance assumes a breakout of the session highs of 1.3600 and 1.3620 (June 5 high) and there may be an increase to 1.3650 (Feb 21’ 2022 high)
An alternative scenario implies a breakout of the session low of 1.3520 and there may be a decline to 1.3450-65 (May 30 and June 10-11 lows).
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