GBP/USD Is in an Uptrend as It Faces Rejection at Level 1.2000

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 entered a positive trend zone as it faces rejection at level 1.2000. The Pound has been stuck at level 1.200 since November 15. The pair has been bouncing below the resistance area for the past week. If the initial barrier is broken, the pair will rise to a high of level 1.2200. In contrast, if buyers are unable to break the current high, the pound would slide over the breakout level of 1.1600.

GBPUSD Indicator Analysis
The pound has risen to level 60 for period 14 in the Relative Strength Index. It may continue to rise because it is in a favorable trend zone. The moving average lines are above the currency price bars, indicating a likely increase. Above the daily Stochastic threshold 80, the pound is exhibiting high momentum and an overbought market condition.

What Is the Next Direction for GBP/USD?
The level 1.2000 resistance zone has been hit by the rising GBP/USD exchange rate as it faces rejection at level 1.2000. Below the most recent high, the pair has resumed its sideways movement. As the currency pair trades in the overbought area of the market, it may fall. It is now trading at the latest high of 1.18810.

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