GBP/USD PRICE FORECAST: RISES AS US DATA FUELS RATE CUT SPECULATION
- GBP/USD breaks above 1.3140, gaining short-term momentum as RSI tilts in favor of buyers.
- Clearing 1.3200 opens the door to challenge the YTD peak of 1.3266, with further resistance at 1.3300.
- Sellers must push below 1.3140 to test key support levels at 1.3100 and 1.3043.
The Pound Sterling enjoys a good rebound off the weekly low of 1.3087 and rises in early trading on Wednesday during the North American session, climbing over 0.22% against the Greenback. Soft US jobs data increased the odds of a 50-basis points rate cut by the Federal Reserve and underpinned the GBP/USD higher, trading at 1.3163.
GBP/USD Price Forecast: Technical outlook
The GBP/USD remains upward biased after consolidating within the 1.3080-1.3140 narrow range, with buyers clearing the latter, which would open the door for higher prices. Buyers had gained momentum short-term as seen by the Relative Strength Index (RSI).
If bulls clear 1.3200, the next resistance would be the year-to-date (YTD) peak of 1.3266. On further strength, the 1.3300 would be up for grabs before buyers challenge the March 23, 2022, high at 1.3437.
Conversely, sellers must drag prices below 1.3140 and challenge the 1.3100 figure. Once those levels are taken out, the next support would be the 1.3043, July 17 high turned support, followed by the 1.3000 figure, and the 50-day moving average (DMA) would be up next at 1.2905.
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