The GBP/USD currency pair, often referred to as "Cable," is currently showing mixed signals based on recent technical analysis:
Trend Overview:
The pair has been in a bullish trend recently, trading near its year-to-date highs. However, momentum appears to be slowing, with signs of potential consolidation.
Key Levels:
Support: Around 1.2900, which has been a strong level in recent sessions.
Resistance: Near 1.2951, a key hurdle that the pair has struggled to break above.
Indicators:
RSI: Indicates a bullish bias but shows signs of bearish divergence, suggesting weakening momentum.
Moving Averages: The pair is trading above the 30-SMA and 200-SMA, which supports the bullish trend.
Outlook:
If the pair breaks above the 1.2951 resistance, it could target the next psychological level at 1.3100.
On the downside, a break below 1.2900 could signal a deeper pullback.
Trend Overview:
The pair has been in a bullish trend recently, trading near its year-to-date highs. However, momentum appears to be slowing, with signs of potential consolidation.
Key Levels:
Support: Around 1.2900, which has been a strong level in recent sessions.
Resistance: Near 1.2951, a key hurdle that the pair has struggled to break above.
Indicators:
RSI: Indicates a bullish bias but shows signs of bearish divergence, suggesting weakening momentum.
Moving Averages: The pair is trading above the 30-SMA and 200-SMA, which supports the bullish trend.
Outlook:
If the pair breaks above the 1.2951 resistance, it could target the next psychological level at 1.3100.
On the downside, a break below 1.2900 could signal a deeper pullback.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.