GBP/USD Holds above 1.2000 as the Pound Rises to Market Highs

GBP/USD Long-Term Analysis: Bullish
The GBP/USD pair is in an uptrend as the Pound rises to market highs. Following a recent retracement, the Pound has retraced below the moving average lines. As the pair is trapped between the moving average lines, the retracement has subsided. As long as the Pound trades between the moving average lines, it will be forced to move in a range.The uptrend will resume if price breaks above the 21-day line SMA. The market will rise and retest or break the 1.2400 resistance level. If the bears break below the 50-day simple moving average (SMA), the downtrend will resume. The British Pound will fall to its previous low of 1.1200.

GBPUSD Indicator Analysis
For period 14, the British Pound is at a Relative Strength Index level of 49. This implies that supply and demand are in balance. The price bars are currently between the moving average lines, indicating that the Pound will resume a range-bound move for a few days. The Pound has a bullish momentum above the daily Stochastic level of 25.

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

What Is the Next Direction for GBP/USD?
The GBP/USD is regaining ground as the Pound reaches market highs. The current downward trend has reached the oversold region at level 1.1992. Buyers will emerge to push the Pound into the market’s oversold territory. Meanwhile, the Pound is consolidating above 1.2000.

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