-
GBPUSD overcomes 1.2500 key barrier.
-
RSI and MACD continue bullish bias.
-
The 20- and 50-day SMAs posted positive cross.
GBPUSD is looking to resume its bullish trend as the price is creating the third consecutive green day, surpassing the 200-day simple moving average (SMA) and the 1.2500 psychological mark. Also, the pair rose to its highest level of the last two months, with the technical oscillators suggesting strengthening upside momentum.
The RSI is above its 50 neutral mark and is approaching the overbought region, continuing the uptrend after it bottomed on September 27, while the MACD is keeping its footing above its trigger line within the positive area, both reflecting that buyers are still active.
If buyers stay in control, the door will open for the 1.2545 resistance level and the 50.0% Fibonacci retracement of the down leg from 1.3140 to 1.2035 at 1.2590. Running higher, the pair will have to face the 61.8% Fibonacci at 1.2720.
Should the bears press the price below the 38.2% Fibonacci of 1.2460 and the 200-day SMA, this may result in an aggressive downfall towards the 23.6% Fibonacci of 1.2300. If the latter gives away too, the decline could continue towards the bullish crossover between the 20- and the 50-day SMAs at 1.2250.
In a nutshell, despite the latest exciting rally in GBPUSD, there are some obstacles to consider before a real bullish trend reversal takes place with regards to the medium-term outlook.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
EUR/USD accelerates losses to 1.0930 on stronger Dollar
The US Dollar's recovery regains extra impulse sending the US Dollar Index to fresh highs and relegating EUR/USD to navigate the area of daily troughs around 1.0930 in the latter part of Friday's session.
GBP/USD plummets to four-week lows near 1.2850
The US Dollar's rebound keep gathering steam and now sends GBP/USD to the area of multi-week lows in the 1.2850 region amid the broad-based pullback in the risk-associated universe.
Gold trades on the back foot, flirts with $3,000
Gold prices are accelerating their daily decline, steadily approaching the critical $3,000 per troy ounce mark as the Greenback's rebound gains extra momentum and US yields tighten their retracement.
Can Maker break $1,450 hurdle as whales launch buying spree?
Maker holds steadily above $1,250 support as a whale scoops $1.21 million worth of MKR. Addresses with a 100k to 1 million MKR balance now account for 24.27% of Maker’s total supply. Maker battles a bear flag pattern as bulls gather for an epic weekend move.
Strategic implications of “Liberation Day”
Liberation Day in the United States came with extremely protectionist and inward-looking tariff policy aimed at just about all U.S. trading partners. In this report, we outline some of the more strategic implications of Liberation Day and developments we will be paying close attention to going forward.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.