GBPUSD Technical Analysis: The GBP/USD pair opened today’s session higher, benefiting from the decline in the US dollar following yesterday’s release of US consumer price data, which indicated relative stability in inflation, reducing the likelihood of an imminent Federal Reserve interest rate hike.
The pair is currently trading at 1.2993, after recording an intraday high of 1.2943 and a low of 1.2906. This upward movement is supported by positive technical indicators and the break of important resistance levels.
GBPUSD Technical Analysis: Technical Analysis for GBP/USD – H1 Timeframe
General Trend: Corrective Rise from the 1.2790 low
The chart shows that the price has clearly broken through the resistance area at 1.2887 and is now trading near the 1.2990 level, surpassing all moving averages.
- MACD: Showing a sustained positive crossover, with bars in the positive zone, indicating clear bullish momentum.
- Stochastic Oscillator: It is in the overbought zone at the 82 level, which may indicate a possible slight correction or temporary consolidation before the upward trend continues.
- Moving Averages: Positive bullish crossovers on the 20- and 50-day EMA reinforce the possibility of a continued upward trend.
Daily Trading Forecast
- Positive Scenario: Continued stability above 1.29705 may pave the way for 1.30158 and then 1.30301, especially given the stability of the dollar index.
- Negative Scenario: If the 1.28876 level is broken, we may witness a rapid return towards the next support areas at 1.28549, where the 100-hour simple moving average is located.
Trading strategies based on Buy/Sell levels
| GBPUSD | In case of buying | in case of selling |
| Entry point | 1.29705 | 1.28876 |
| Target Point 1 (TP1) | First resistance: 1.30158 | First support: 1.28549 |
| Target Point 2 (TP2) | Second resistance: 1.30301 | Second support : 1.28471 |
| Stop Loss (SL) | 1.28876 | 1.29705 |
The GBP/USD pair is showing remarkable resilience in dealing with dollar pressure, and the chart reflects positive opportunities that may continue during the current session. However, traders are advised to closely monitor US inflation data and the Bank of England’s expected statements tomorrow, as they could strongly influence market direction.
