GBP/USD Price Analysis: Moves above 1.2550 to test the channel’s upper boundary

GBP/USD could test the immediate throwback support at the 1.2518 level and the nine-day EMA at 1.2514.
The momentum indicator MACD could offer a clear bullish direction once it breaks above the centerline.
The pair could test the upper boundary of the descending channel around 1.2570 level.

Akhtar Faruqui FXStreet

GBP/USD extends its gains for the third successive session on Friday, trading around 1.2550 during the Asian session. The pair consolidates within the descending channel on a daily chart, with the 14-day Relative Strength Index (RSI) moving above the 50-level. indicating the weakening of a bearish bias.

Additionally, the Moving Average Convergence Divergence (MACD) indicates a momentum shift as it is positioned above the signal line but below the centerline. This momentum indicator could confirm a clear direction for the GBP/USD pair once it breaks above the centerline.

The GBP/USD pair could test the immediate throwback support at the 1.2518 level, aligned with the nine-day Exponential Moving Average (EMA) at 1.2514. The next support appears at the psychological level of 1.2500. A break below this level could exert pressure on the pair to navigate the region around the six-month low of 1.2300.

On the upside, the immediate resistance appears at the upper boundary of the descending channel around the level of 1.2570 followed by the 50% retracement level at 1.2597 level, plotting between the range of 1.2894 and 1.2300.

GBP/USD: Daily Chart

GBP/USD

Overview
Today last price	1.255
Today Daily Change	0.0016
Today Daily Change %	0.13
Today daily open	1.2534

Trends
Daily SMA20	1.2502
Daily SMA50	1.2616
Daily SMA100	1.2646
Daily SMA200	1.255

Levels
Previous Daily High	1.2545
Previous Daily Low	1.2472
Previous Weekly High	1.2542
Previous Weekly Low	1.23
Previous Monthly High	1.2709
Previous Monthly Low	1.23
Daily Fibonacci 38.2%	1.2517
Daily Fibonacci 61.8%	1.25
Daily Pivot Point S1	1.2489
Daily Pivot Point S2	1.2444
Daily Pivot Point S3	1.2417
Daily Pivot Point R1	1.2562
Daily Pivot Point R2	1.259
Daily Pivot Point R3	1.2635

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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