GBP/USD Long-Term Analysis: Bullish
GBP/USD pair is in the bullish trend zone as it targets level 1.1968. The currency pair corrected upward, breaking above the SMAs on the 21-day line and the 50-day line. The British pound will continue to rise as long as the price bars are above the moving average lines. The Pound will rise if it overcomes the initial resistance. On October 17 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that the Pound will rise to level 2.0 Fibonacci extension or level 1.1968.
GBPUSD Indicator Analysis
The recent upward correction has pushed the Pound to level 59 on the RelativeStrength Index for period 14. The currency price bars are above the moving average lines indicating a possible rise. The Pound is in a bullish momentum above the 40% range of the daily stochastic.
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?
On the 4-hour chart, the Pound is trading in the bullish trend zone as it targets level 1.1968. It has retraced above the 21-day line SMA for a possible upward move. The moving average lines have made a bullish crossover indicating a further upward move. That is, the 21-day line SMA crosses above the 50-day line SMA.
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