GBP may repeat its rising chances 9/12/2024

The British pound exhibited bullish attempts against the US dollar, momentarily breaking the 1.2730 resistance level as anticipated in the previous analysis. The pair reached a high of 1.2810, validating the positive outlook.

Technical Analysis:

• Current Trends:
  • The bullish technical structure on the 4-hour chart remains intact.
  • The price continues to trade above the 50-day simple moving average, supporting upward momentum.

Scenarios:

1. Bullish Outlook:
   • Stability above 1.2700 keeps the bullish scenario valid.
   • Targets:
     • Initial: 1.2785.
     • Secondary: 1.2845 (breaching this level could accelerate bullish momentum).
     • Extended: 1.2880.
2. Bearish Reversal:
   • A decline below 1.2690 nullifies the bullish scenario.
   • Targets:
     • Initial: 1.2650.
     • Secondary: 1.2600.

Warnings:

Risk-Reward Balance: Traders should assess whether potential returns justify the inherent risks.GBP/USD movements.

Risk Factors: Elevated risk levels persist amid ongoing geopolitical uncertainties, increasing market volatility.

Risk Warning:

Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.

S1: 1.2690	R1: 1.2785
S2: 1.2650	R2: 1.2845
S3: 1.2600	R3: 1.2880