- GBP/USD adds to the overnight gains and rallies to seven-month tops.
- The technical set-up supports prospects for further appreciating move.
The buying interest around the British pound picked up some pace in the last hour and assisted the GBP/USD pair to break out of its Asian session consolidation phase.
The overnight sustained move above a resistance marked by the top end of over six-week-old descending trend-channel was seen as a key trigger for bullish traders.
This coupled with some follow-through buying beyond the key 1.30 psychological mark seemed to have led to a fresh wave of technical buying and remained supportive.
Meanwhile, the occurrence of a Golden Cross pattern on the daily chart, wherein 50-day SMA crossed above the very important 200-day SMA support prospects for additional gains.
Moreover, bullish technical indicators on the mentioned chart reinforce the constructive outlook, albeit slightly overbought conditions on hourly charts warrant some caution.
Hence, it will be prudent to wait for some near-term consolidation, or a modest pullback, before positioning for any further appreciating move toward the 1.3100 handle.
GBP/USD daily chart
|Today last price||1.3048|
|Today Daily Change||0.0050|
|Today Daily Change %||0.38|
|Today daily open||1.2998|
|Previous Daily High||1.3013|
|Previous Daily Low||1.2925|
|Previous Weekly High||1.2952|
|Previous Weekly Low||1.2827|
|Previous Monthly High||1.2986|
|Previous Monthly Low||1.2769|
|Daily Fibonacci 38.2%||1.2979|
|Daily Fibonacci 61.8%||1.2959|
|Daily Pivot Point S1||1.2944|
|Daily Pivot Point S2||1.2891|
|Daily Pivot Point S3||1.2856|
|Daily Pivot Point R1||1.3032|
|Daily Pivot Point R2||1.3066|
|Daily Pivot Point R3||1.312|
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