GBPUSD Technical Analysis : The British pound rose against the US dollar, driven by improved UK retail sales data and a limited decline in the US dollar ahead of the release of anticipated US inflation data.
Markets are treading cautiously, with a slight positive bias towards the pound, in the absence of any hawkish comments from the Federal Reserve.
Technical Indicator Analysis
EMA
The price is above the 50- and 100-day moving averages.The averages are crossing upwards, supporting the continuation of the positive movement
MACD
In a positive zone.Upward momentum is gradually increasing.
Stochastic
Moving in the overbought zone (75).We may witness a slight slowdown before the upward trend continues.
GBPUSD Technical Analysis : Possible Scenarios
Bullish Scenario
A break of 1.3351 activates the target of 1.3370 and then 1.3400.
Continuity condition is stability above 1.3315.
Bearish Scenario
A price return below 1.3315 restores pressure towards 1.3295.
A break of 1.3295 weakens the upward momentum.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | GBPUSD |
| 1.33519 | 1.33150 | Entry point |
| First resistance: 1.33704 | First support 1.32955 | Target Point 1 (TP1) |
| Second resistance 1.33902 | Second support 1.32753 | Target Point 2 (TP2) |
| 1.33150 | 1.33519 | Stop Loss (SL) |
The GBP/USD pair is attempting to regain a short-term uptrend, with positive momentum confirmations from moving averages and indicators.
It is recommended to monitor the price action at 1.3351 – a break above it will enhance the chances of further gains.
It is recommended to buy on a break of 1.3351 or a sustained rebound above 1.3315, with a stop loss below 1.3290.
