GBP maintains positive stability 3/5/2023

The previous session’s trading witnessed a gradual rise of the pound sterling against the US dollar as part of the continued attempts to maintain positive stability.

Technically, today, the pair keeps the bullish context stable after establishing a good support base around 1.2440, accompanied by the positive impulse of the 50-day simple moving average and the clear positive signs on the stochastic.

The daily trend is still bullish, and we need to see the price consolidating above 1.2510, which increases the possibility of an incline to visit 1.2545 and 1.2565, respectively.

Consolidation of daily trading above 1.2440 is a prerequisite for activating the suggested bullish scenario, and breaking it would directly lead the pair to retest 1.2370.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “change in private sector jobs, services PMI, interest rate, Federal Reserve Committee statement and Federal Reserve press conference”, and we may witness high volatility at the time of news release.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2445	R1: 1.2520
S2: 1.2400	R2: 1.2555
S3: 1.2370	R3: 1.2600