XM Investment Research Team
XM
GBPUSD is up from the day’s open. Should it finish the day higher it will mark the third straight day of gains for the pair.
The RSI indicator is currently close to the 50 neutral level at 52. It’s been hovering in this area throughout the last number of days of relatively low intra-day volatility for the pair.
The middle Bollinger line (a 20-day moving average) comes into view as immediate resistance to upside moves. Should this level be breached, the upper Bollinger band, currently at 1.2614, is likely to act as resistance as well (note that this is close to 1.26, a key level in the past). A successful break above the upper band would shift focus to the February 2 ten-week high of 1.2705 as another resistance mark.
On the downside, the 50-day moving average (MA) and lower Bollinger band coinciding at 1.2397 are expected to provide support. Should they be challenged and fail to hold, the congested area around 1.2285 would be eyed as another support area.
As regards the medium-term picture, it looks neutral to bearish as the price is on the one hand above the 50-day MA, but far below the 200-day one.
Overall, the near-term outlook looks neutral and the medium-term bearish to neutral.
Interested in GBP/USD technicals? Check out the key levels
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