GBP/USD Price Analysis: Holds position above 1.2850 nearing a pullback resistance


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  • GBP/USD
    moves
    upward
    within
    an
    ascending
    channel,
    signaling
    a
    bullish
    bias.

  • The
    14-day
    RSI
    is
    positioned
    just
    below
    the
    70
    level,
    indicating
    potential
    overbought
    conditions
    in
    the
    pair.

  • A
    break
    above
    the
    pullback
    resistance
    at
    the
    1.2860
    level
    could
    lead
    the
    pair
    to
    test
    the
    upper
    boundary.


GBP/USD

continues
to
advance
for
the
second
consecutive
session,
trading
around
1.2860
during
Asian
hours
on
Thursday.
The
analysis
of
the
daily
chart
shows
that
the
pair
is
moving
upward
within
an
ascending
channel,
which
indicates
a
bullish
bias
in
the
pair’s
price
action.

Additionally,
the
14-day
Relative
Strength
Index
(RSI)
is
positioned
slightly
below
the
70
level,
indicating
confirmation
of
the
bullish
trend
while
also
suggesting
potential
overbought
conditions.
A
breach
above
this
level
could
signal
a
need
for
caution,
possibly
indicating
a
forthcoming
correction.

Furthermore,
the
Moving
Average
Convergence
Divergence
(MACD)
momentum
indicator
indicates
bullish
momentum
in
the
short
term.
This
is
evidenced
by
the
MACD
line
being
above
the
centerline
and
showing
divergence
above
the
signal
line.

In
terms
of
resistance,
the
GBP/USD
pair
tests
pullback
resistance
near
the
1.2860
level.
A
successful
breakthrough
above
this
barrier
could
potentially
push
the
pair
higher
to
test
the
upper
boundary
of
the
ascending
channel
around
the
1.2870
level.

On
the
downside,
the
GBP/USD
pair
could
encounter
significant
support
near
the
14-day
Exponential
Moving
Average
(EMA)
at
the
1.2763
level.
If
this
level
is
breached,
it
may
lead
to
increased
selling
pressure,
potentially
testing
the
lower
boundary
of
the
ascending
channel
around
1.2740.
Further
support
could
be
found
around
the
throwback
support
level
of
1.2615.

GBP/USD:
Daily
Chart


British
Pound
PRICE
Today

The
table
below
shows
the
percentage
change
of
British
Pound
(GBP)
against
listed
major
currencies
today.
British
Pound
was
the
strongest
against
the
US
Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.07% -0.10% -0.03% -0.03% -0.21% -0.27% -0.04%
EUR 0.07%   -0.02% 0.04% 0.05% -0.13% -0.19% 0.00%
GBP 0.10% 0.02%   0.06% 0.07% -0.11% -0.16% 0.05%
JPY 0.03% -0.04% -0.06%   -0.01% -0.19% -0.28% -0.04%
CAD 0.03% -0.05% -0.07% 0.00%   -0.20% -0.25% -0.03%
AUD 0.21% 0.13% 0.11% 0.19% 0.20%   -0.07% 0.16%
NZD 0.27% 0.19% 0.16% 0.28% 0.25% 0.07%   0.22%
CHF 0.04% -0.01% -0.05% 0.04% 0.03% -0.16% -0.22%  

The
heat
map
shows
percentage
changes
of
major
currencies
against
each
other.
The
base
currency
is
picked
from
the
left
column,
while
the
quote
currency
is
picked
from
the
top
row.
For
example,
if
you
pick
the
British
Pound
from
the
left
column
and
move
along
the
horizontal
line
to
the
US
Dollar,
the
percentage
change
displayed
in
the
box
will
represent
GBP
(base)/USD
(quote).