GBP/USD PRICE ANALYSIS: ADVANCES STEADILY ABOVE 1.2800 ON BOE’S PILL REMARKS
- GBP/USD rises to 1.2842, boosted by BoE's Huw Pill's caution against basing policy on single data points.
- Bullish momentum intact, targeting June 12 high of 1.2861 and YTD high of 1.2894.
- Key support levels: 1.2800, 1.2755/70, and 1.2690 (50-day moving average) for potential reversals.
The Pound Sterling resumed its uptrend on Wednesday and rallied sharply on Bank of England Chief Economist Huw Pill's remarks that the Monetary Policy Committee (MPC) should be cautious in seeing a single piece of data as a trigger for policy reassessment. Hence, the GBP/USD trades at 1.2842, posting gains of 0.44%.
GBP/USD Price Analysis: Technical outlook
From a technical standpoint, the GBP/USD resumed its uptrend after bouncing off weekly lows set on Tuesday of around 1.2779, with buyers stepping in and lifting the exchange rate. Momentum favors buyers, as depicted by the Relative Strength Index (RSI), and the pair might test the year-to-date (YTD) high in the near term.
The GBP/USD first resistance would be the June 12 high at 1.2861. Once cleared the next stop will be the YTD high at 1.2894, followed by the 1.2900 figure and the 1.3000 mark.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.