GBP/USD PRICE ANALYSIS: HOLDS POSITION ABOVE 1.2900; NEXT SUPPORT AT 14-DAY EMA
- GBP/USD could test the upper boundary of the ascending channel around the level of 1.3000.
- Momentum indicators reflect short-term bullish momentum for the pair.
- The 14-day EMA at 1.2885 level could act as immediate support, followed by the lower boundary of the ascending channel.
GBP/USD breaks its two-day losses, trading around 1.2920 in Monday's Asian session. The analysis of the daily chart shows the pair lies within an ascending channel, signaling a bullish trend in the pair's price movements.
Moreover, the Moving Average Convergence Divergence (MACD), a momentum indicator, reflects short-term bullish momentum, with the MACD line above the centerline and the signal line. Additionally, the 14-day Relative Strength Index (RSI) sits above the 50 level, confirming the bullish trend.
In terms of resistance, the GBP/USD pair could test the upper boundary of the ascending channel around the psychological level of 1.3000. A breakthrough above this level could provide support for the pair to revisit the yearly high of 1.3044 level recorded on July 17.
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