Wed. Jun 19th, 2024

GBP/USD PRICE ANALYSIS: RISES TO NEAR 1.2750 AHEAD OF UK JOBS DATA

GBP/USD United Kingdom pair rebounds from lows since November amid expectations of the Fed delaying rate cuts.GBP/USD pair rebounds from lows since November amid expectations of the Fed delaying rate cuts.
  • GBP/USD could find resistance around the psychological level of 1.2800.
  • The momentum indicator MACD suggests a confirmation of a bullish trend for the pair.
  • The 21-day EMA at 1.2712 appears as the immediate support, followed by the lower boundary of the rising channel at 1.2700.

GBP/USD extends its gains for the second successive session ahead of employment data release from the United Kingdom (UK), trading around 1.2740 during the Asian session on Tuesday. The pair consolidates within the rising channel pattern on a daily chart, with the 14-day Relative Strength Index (RSI) positioned above the 50 level. indicating the bullish bias.

Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) suggests a confirmation of the bullish trend as the MACD line is positioned above the centreline and shows divergence above the signal line.

The GBP/USD pair could find the key resistance around the psychological level of 1.2800. A breakthrough above this level could lead the pair to test the upper threshold of the rising channel around the level of 1.2970.

On the downside, the immediate support appears at the 21-day Exponential Moving Average (EMA) at 1.2712, followed by the lower boundary of the rising channel at 1.2700. A break below the latter could exert pressure on the GBP/USD pair to navigate the area around the throwback support at 1.2450.

GBP/USD: Daily Chart

GBP/USD

Overview
Today last price1.2738
Today Daily Change0.0007
Today Daily Change %0.05
Today daily open1.2731
Trends
Daily SMA201.2726
Daily SMA501.2603
Daily SMA1001.2638
Daily SMA2001.2546
Levels
Previous Daily High1.2737
Previous Daily Low1.2688
Previous Weekly High1.2818
Previous Weekly Low1.2695
Previous Monthly High1.2801
Previous Monthly Low1.2446
Daily Fibonacci 38.2%1.2719
Daily Fibonacci 61.8%1.2707
Daily Pivot Point S11.27
Daily Pivot Point S21.267
Daily Pivot Point S31.2651
Daily Pivot Point R11.2749
Daily Pivot Point R21.2768
Daily Pivot Point R31.2798

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