- GBP/USD gained some follow-through traction and climbed to six-week tops.
- A sustained move beyond a descending channel sets the stage for further gains.
The GBP/USD pair added to the overnight positive move from the 1.2900 round figure mark and continued gaining traction through the mid-European session on Tuesday.
The momentum lifted the pair to levels just above the key 1.30 psychological mark, beyond a key resistance marked by the top end of over six-week-old descending trend-channel.
With oscillators on the daily charts holding comfortably in the positive territory, the set-up now seems tilted in favour of bullish traders and support prospects for additional gains.
Some follow-through buying interest has the potential to lift the pair further towards an intermediate resistance near the 1.3045-50 region en-route the 1.3100 round-figure mark.
Meanwhile, technical indicators on hourly charts are already flashing slightly overbought conditions and warrant some caution before placing any aggressive bullish bets.
Hence, it will be prudent to wait for some consolidation or a modest retracement, possibly towards the resistance breakpoint, before positioning for any further appreciating move.
GBP/USD 4-hourly chart
|Today last price||1.2997|
|Today Daily Change||0.0048|
|Today Daily Change %||0.37|
|Today daily open||1.2949|
|Previous Daily High||1.295|
|Previous Daily Low||1.2896|
|Previous Weekly High||1.2952|
|Previous Weekly Low||1.2827|
|Previous Monthly High||1.2986|
|Previous Monthly Low||1.2769|
|Daily Fibonacci 38.2%||1.2929|
|Daily Fibonacci 61.8%||1.2917|
|Daily Pivot Point S1||1.2913|
|Daily Pivot Point S2||1.2878|
|Daily Pivot Point S3||1.2859|
|Daily Pivot Point R1||1.2967|
|Daily Pivot Point R2||1.2986|
|Daily Pivot Point R3||1.3021|
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