GBP/USD Recovery Tests Potential Resistance Level
Chart Analysis:
GBP/USD has rebounded strongly, approaching the critical resistance at 1.2500, a level that has served as support-turned-resistance in prior sessions.
1️⃣ Key Resistance Level:
The horizontal level at 1.2500 is a key inflection point, with a breakout above it potentially signaling further upside momentum.
Rejection at this level may see the pair revert lower toward support near 1.2400.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.2523, aligning with the resistance zone, increasing its significance.
200-day SMA (red): Trending downward at 1.2790, reflecting the longer-term bearish bias.
3️⃣ Momentum Indicators:
RSI: Recovering to 54.67, showing improving bullish momentum but still below overbought territory.
MACD: Shows a bullish crossover, suggesting upward momentum may continue in the near term.
What to Watch:
A daily close above 1.2500 would reinforce bullish sentiment and open the path toward higher resistance levels.
A rejection at 1.2500 could lead to renewed selling pressure and a potential test of recent lows.
Monitor momentum indicators for confirmation of either a breakout or a reversal.
GBP/USD is at a critical juncture, with 1.2500 acting as the line in the sand for the next directional move.
-MW
GBP/USD has rebounded strongly, approaching the critical resistance at 1.2500, a level that has served as support-turned-resistance in prior sessions.
1️⃣ Key Resistance Level:
The horizontal level at 1.2500 is a key inflection point, with a breakout above it potentially signaling further upside momentum.
Rejection at this level may see the pair revert lower toward support near 1.2400.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.2523, aligning with the resistance zone, increasing its significance.
200-day SMA (red): Trending downward at 1.2790, reflecting the longer-term bearish bias.
3️⃣ Momentum Indicators:
RSI: Recovering to 54.67, showing improving bullish momentum but still below overbought territory.
MACD: Shows a bullish crossover, suggesting upward momentum may continue in the near term.
What to Watch:
A daily close above 1.2500 would reinforce bullish sentiment and open the path toward higher resistance levels.
A rejection at 1.2500 could lead to renewed selling pressure and a potential test of recent lows.
Monitor momentum indicators for confirmation of either a breakout or a reversal.
GBP/USD is at a critical juncture, with 1.2500 acting as the line in the sand for the next directional move.
-MW
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.