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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
GBP/USD is in an upward correction as it reaches the overbought region at level 1.2167. In the meantime, the Pound is trading between the moving average lines but approaches the 50-day line SMA. A break above the 50-day line SMA will propel the pair to the high of level 1.2600. On the other hand, if the Pound faces rejection at the 50-day line SMA, it will be compelled to a range-bound move between the moving average lines.
GBPUSD Indicator Analysis
The Pound is at level 56 of the Relative Strength Index for period 14. It indicates that the pair is in the uptrend zone and capable of a further upward move. The Pound is above the 21 -day line SMA but below the 50-day line SMA indicating a possible range-bound move. The 50-day line SMA and the 21-day line SMA are sloping southward indicating the downtrend. The pair is above the 80% range of the daily stochastic. GBP/USD is trading in the overbought region of the market.
What Is the Next Direction for GBP/USD?
GBP/USD is in an uptrend but reaches the overbought region at level 1.2167. The current uptrend is likely to reach bullish exhaustion as it reaches the overbought region of the market. The Pound is trading at level 1.2160 but may face rejection at the high of 1.2291.
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