The Pound Sterling (GBP) Continues to Show Strength
The Pound Sterling (GBP) has been showing bullish momentum, with analysts predicting a potential rise towards 1.3320 before leveling off. Despite overbought conditions, the GBP seems to have enough strength to test this level in the near term.
24-Hour View
- GBP traded in a sideways range of 1.3150/1.3250 before soaring above 1.3300.
- GBP closed at 1.3286, showing a strong performance.
- Resistance at 1.3350 may not be breached, with support at 1.3255.
1-3 Weeks View
- The next level to watch is 1.3350, with potential resistance at this level.
- GBP has shown strength by surpassing previous highs, but overbought conditions may limit further gains.
- A break below 1.3160 could indicate a weakening trend for GBP.
Analysis of GBP Price Action
The GBP’s current price action indicates a strong bullish momentum, with potential for further gains in the short term. However, overbought conditions may limit the extent of these gains. Traders should watch for key resistance levels at 1.3350 and support levels at 1.3255 and 1.3160 to gauge the GBP’s strength in the coming weeks.