Home ForexForecasts GBPUSD accelerates to new 2-month high

GBPUSD accelerates to new 2-month high

by SuperiorInvest

· surpasses the key barrier of 1.2500
· RSI and MACD continue with bullish bias
· The 20-day and 50-day SMAs registered a positive crossover

GBPUSD looks to resume its uptrend as the price is creating the third consecutive green day, surpassing the 200-day simple moving average (SMA) and the psychological mark of 1.2500. Furthermore, the couple rose to its highest level in the last two monthsand technical oscillators suggest strengthening bullish momentum.
The RSI is above its neutral 50 mark and approaching the overbought region, continuing the uptrend after bottoming on September 27, while the MACD remains above its trigger line within the positive area . both reflect that buyers are still active.
If buyers remain in control, the door will open for the resistance level of 1.2545 and the 50.0% Fibonacci retracement of the bearish leg from 1.3140 to 1.2035 at 1.2590. Going up, the pair will have to face the 61.8% Fibonacci at 1.2720.

If the bears press the price below the 38.2% Fib of 1.2460 and the 200-day SMA, this may result in an aggressive decline towards the 23.6% Fib of 1.2300. If the latter also gives way, the decline could continue towards the bullish crossover between the 20-day and 50-day SMA at 1.2250.
Simply put, despite GBPUSD’s latest exciting rally, there are some hurdles to consider before a true uptrend reversal occurs. place with respect to medium-term prospects.


Source Link

Related Posts

%d bloggers like this: