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GBP/USD started the year’s trading with moderate profits, which have extended until today. Also, technical indicators are still showing that this observed profit may progress further.
Important Price Marks:
Resistance: 1.2085, 1.2120, 1.2170
Support: 1.2040, 1.2000, 1.1980
GBP/USD Is Gathering Moderate Profits
GBP/USD has been recording moderate gains midway between the 50 and 38.20 Fibonacci levels on the daily market. Presently, price action has further pushed upward and towards the 38.20 Fibonacci level. The Stochastic RSI curves have spent a significant length of time flat in the oversold area, however, the recent moderate gains in this market seem to have brought some change to this narrative. Even, the MACD indicator is now showing that the bears are losing strength. This could be seen through the MACD, as the histogram bars below level 0.00 are now pale red, and shorter. Although current trading activities are occurring below the MA line, the GBP/USD price may rise above it if buyers retain control.
Downward Forces in the GBP/USD Market Are Strengthening the Resistance 1.2100
On the 4-hour market, it appears that a headwind has besieged the price level of 1.2100. This could be observed as the price retraced from the above-mentioned price level through a bearish price candle in the ongoing session. However, in this market, price action has arrived above the Moving Average curve. Consequently, this strengthens the possibility of the price moving further upward. The Stochastic RSI and the MACD lines have revealed an increase in bullish momentum. This can be observed as the RSI curves are now moving sharply upward after a bullish crossover. Also, the MACD curves have resumed their upward path, and Its histogram bars are now solid green in appearance. As a result, based on signs from technical indicators, GBP/USD is more likely to resume its upward movement toward the price level of 1.2150.
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