The GBP/USD pair has been holding above the 1.3100 level, indicating a bullish sentiment in the market. The Relative Strength Index (RSI) is showing that buyers are in control, suggesting further upside potential. The next key resistance level to watch out for is the 1.3200 level. If the pair manages to clear this level, it could open the door to challenge the March 2022 high of 1.3298. Beyond that, there is potential for the pair to move towards the 1.3437 level.
Possible Pullback Levels to Keep in Mind
In case of a pullback, a break below the 1.3150 level could lead to a test of key support levels at 1.3100 and 1.3044. These levels are crucial as they could determine the future direction of the pair. Additionally, the 50-day moving average (50-DMA) currently sits at 1.2914, which could act as a significant support level if the pair retraces further.
Market Sentiment and Key Levels to Watch
Overall, the GBP/USD pair is exhibiting strength and bullish momentum above the 1.3100 level. Traders should keep a close eye on the RSI to gauge the strength of buyers in the market. The key resistance levels to watch out for are 1.3200, 1.3298, and 1.3437. On the downside, support levels at 1.3100, 1.3044, and the 50-DMA at 1.2914 should be monitored for any potential pullbacks.
The GBP/USD pair remains in a strong position above the 1.3100 level, with the RSI indicating buyers in control. Traders should be cautious of potential resistance levels at 1.3200, 1.3298, and 1.3437, while also keeping an eye on key support levels at 1.3100, 1.3044, and the 50-DMA at 1.2914. The overall market sentiment is currently bullish, but a pullback could occur if key support levels are breached.