GBP/USD Retreats above Level 1.2269 as It Targets Level 1.2748

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GBP/USD Long-Term Analysis: Bullish
The GBP/USD pair is currently in an uptrend as it targets level 1.2748. The Pound has been experiencing a string of higher highs and higher lows since November 3. At level 1.2400, the present ascent has been impeded. If the present barrier is broken, the British pound will increase much more, reaching a level of 1.2748. As the price retraces above the moving average lines, the bullish momentum can pick up again. If prices drop beneath the moving average lines, the present rally can come to an end. The British pound is now trading at 1.2230 as of this writing.

GBPUSD Indicator Analysis
The Relative Strength Index indicates that the Pound has risen to level 57 for period 14. 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. The Pound is in a bullish momentum above level 40 of the daily Stochastic.

GBP/USD Retreats above Level 1.2269 as It Targets Level 1.2748
GBP/USD – Daily Chart

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 Pound is fluctuating below the resistance level as it targets level 1.2748. If the initial resistance level is broken, more gains can be seen. The pair has since started moving sideways beneath the most recent high.

GBP/USD Retreats above Level 1.2269 as It Targets Level 1.2748
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.