In today’s trading session, the GBP/USD pair is showing signs of a bullish breakout, with prices inching closer to the key resistance level of 1.3100. The recent uptrend is supported by strong buying pressure, as indicated by the RSI and MACD indicators.
The RSI has been steadily climbing above the 50 level, signaling robust buying activity in the market. Meanwhile, the MACD indicator is showing a bullish trend, with green bars on the rise. The pair is also trading comfortably above its 20-day SMA, further confirming the bullish outlook for the short term.
Looking ahead, the immediate resistance levels for the GBP/USD pair are at 1.3100 and 1.3150, which need to be breached for the uptrend to continue. On the downside, support levels are seen at 1.2900 and 1.2850. A break below 1.2900 could indicate a potential trend reversal.
GBP/USD Daily Chart
Analysis:
The GBP/USD pair is showing strong bullish momentum, with prices eyeing a breakout above the key resistance level of 1.3100. The RSI and MACD indicators support the uptrend, signaling robust buying pressure in the market. Traders should watch for a potential break above 1.3100, which could lead to further gains towards 1.3150. On the other hand, a drop below 1.2900 may indicate a reversal in the trend, prompting traders to reassess their positions.