GBP maintains its gains 4/5/2023

The pound sterling maintained its gains against the US dollar during the previous trading session, touching the desired target at 1.2565, recording its highest level at 1.2592 during the early trading of the current session.

On the technical side today, and according to the rules of dealing with bullish price channels, the bullish scenario remains the most favourable, in addition, the pair continues to receive a positive impulse from the simple moving averages that follow the price load from below.

From here, with steady daily trading above the strong support floor 1.2510, we target 1.2630 as a first target, taking into consideration that breaching the mentioned level extends the pair’s gains,opening the door towards 1.2670, as long as daily trading is stable above 1.2510.

Note: Today, we are awaiting high-impact data issued by the euro area, “interest rates, the European Central Bank monetary policy statement and the European Central Bank’s press conference,” we may witness high price volatility at the time of the 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: 1.2510	R1: 1.2630
S2: 1.2430	R2: 1.2670
S3: 1.2370	R3: 1.2750