Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During the North American session, the British Pound registered modest gains versus the US Dollar. The Bank of England (BoE) will decide on monetary policy in a week.
An upbeat market sentiment underpins the GBP/USD’s higher trading at around 1.2579, above a key support level. The GBP/USD is neutral to upward biased in the near term after breaching the 200-day moving average (DMA) at 1.2547.
From a momentum standpoint, the Relative Strength Index (RSI) shifted bullishly, which could open the door for challenging the 1.2600 mark, slightly below the 50-DMA at 1.2609.
A breach of the latter will expose the confluence of the May 3 high and the 100-DMA at around 1.2634/42 before edging toward 1.2700.
On the other hand, if the GBP/USD retreats below the 200-DMA, sellers could regain control. The first support would be the 1.2500 figure, followed by the May 1 low of 1.2466. Once cleared, the next stop would be 1.2400, followed by the April 22 low of 1.2299.
