GBP/USD Price Analysis: Bulls extends gains and approach July highs

The pair is eyeing a break above 1.3100 as the bullish momentum strengthens
The RSI and MACD indicators suggest a continuation of the upward trend.
The buyer’s next target is 1.3100.

Patricio Martín FXStreet

In Tuesday's session, the GBP/USD pair continued its upward trajectory, rising by 0.32% to 1.3030 near mid-July highs, with bullish momentum gaining significant ground as indicated by the recent trading sessions.

The technical outlook for the GBP/USD pair remains bullish. The Relative Strength Index (RSI) has been rising steadily over the past sessions and is now above 50, indicating strong buying pressure. The Moving Average Convergence Divergence (MACD) also supports the bullish bias, as it has been trending upwards and is currently showing rising green bars. Additionally, the pair is trading way above its 20-day Moving Average (SMA) of 1.2830, which reinforces the bullish trend for the short term.

The GBP/USD pair faces resistance at 1.3100 and 1.3150, which are the immediate obstacles that the pair needs to overcome to continue its upward momentum. Support levels lie at 1.2900 and 1.2850. If the pair breaks below 1.2900, it could signal a potential trend reversal.

GBP/USD daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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