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GBP/USD Extends Gains, Eyes Key Resistance Levels
The British pound advanced against the U.S. dollar, reaching the target of 1.2670 from the previous analysis and recording a high of 1.2674.
Technical Analysis
On the 4-hour chart, the simple moving averages (SMA) continue to provide bullish momentum, reinforcing the potential for further upside. Additionally, the Stochastic indicator is attempting to gain additional strength, signaling possible continuation of the uptrend.
- Bullish Scenario: A break above the 1.2700 psychological barrier could pave the way for further gains, with 1.2735 and 1.2770 as the next targets.
- Bearish Scenario: A decline below 1.2600, which was previously a resistance-turned-support level, could invalidate the bullish outlook, leading to a potential retest of 1.2545.
Market Outlook and Risk Warning
With trade tensions and market uncertainty, the risk level remains high. Traders should exercise caution as all scenarios remain possible.
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.
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