Market Analysis
GBP/USD is continuing its upward movement for the second consecutive session, trading around 1.2740 during the Asian session on Tuesday, ahead of the release of UK employment data. The pair is consolidating within an upward channel pattern on the daily chart, with the 14-day Relative Strength Index (RSI) indicating a bullish bias above the 50 level.
Furthermore, the Moving Average Convergence Divergence (MACD) momentum indicator supports the bullish trend, as the MACD line is above the centerline and shows divergence with the signal line.
GBP/USD faces a significant resistance near the psychological level of 1.2800. A breakthrough above this level could propel the pair towards testing the upper boundary of the rising channel around 1.2970.
On the downside, immediate support is seen at the 21-day Exponential Moving Average (EMA) at 1.2712, followed by the lower boundary of the rising channel at 1.2700. A breach below the latter might pressure GBP/USD towards support around 1.2450.
GBP/USD: Daily Chart
GBPUSD
| OVERVIEW | |
|---|---|
| Today last price | 1.2738 |
| Today Daily Change | 0.0007 |
| Today Daily Change % | 0.05 |
| Today daily open | 1.2731 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.2726 |
| Daily SMA50 | 1.2603 |
| Daily SMA100 | 1.2638 |
| Daily SMA200 | 1.2546 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.2737 |
| Previous Daily Low | 1.2688 |
| Previous Weekly High | 1.2818 |
| Previous Weekly Low | 1.2695 |
| Previous Monthly High | 1.2801 |
| Previous Monthly Low | 1.2446 |
| Daily Fibonacci 38.2% | 1.2719 |
| Daily Fibonacci 61.8% | 1.2707 |
| Daily Pivot Point S1 | 1.27 |
| Daily Pivot Point S2 | 1.267 |
| Daily Pivot Point S3 | 1.2651 |
| Daily Pivot Point R1 | 1.2749 |
| Daily Pivot Point R2 | 1.2768 |
| Daily Pivot Point R3 | 1.2798 |
Paraphrasing text from "FX Street" all rights reserved by the original author.