GBP/USD Continues Its Bullish Run as It Recoups above Level 1.2100

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Technical indicators:
Major Resistance Levels – 1.2800, 1.2900, 1.3000
Major Support Levels – 1.1900, 1.1800, 1.1700

GBP/USD Long-Term Analysis: Bullish
The GBP/USD pair reaches a high of level 1.2446 as it recoups above level 1.2100. The Pound has moved back above both the moving average lines and level 1.2119 today. If the pullback stops, the current ascent may continue. As long as the price retraces above the moving average lines, the positive momentum can acquire strength. If prices decline below the moving average lines, the recent increase can come to an end. The value of the British Pound is 1.2183 as of this writing.

GBP/USD Continues Its Bullish Run as It Recoups above Level 1.2100
GBP/USD – Daily Chart

GBPUSD Indicator Analysis
The British Pound has advanced to level 55 of the Relative Strength Index for period 14. The pair is in the positive trend zone despite the last setback. The currency price bars are above the moving average lines, which suggests a potential gain. A bearish momentum is there for the Pound below the daily Stochastic level of 20. This may indicate that the selling pressure has reached a point of bearish fatigue.

What Is the Next Direction for GBP/USD?
The British Pound is recovering as it recoups above level 1.2100. The upward movement is now constrained below 1.2200. The Fibonacci tool analysis predicts that the British Pound will decline before turning around level 1.2040.

GBP/USD Continues Its Bullish Run as It Recoups above Level 1.2100
GBP/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.