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The British pound continues its upward momentum against the US dollar, supported by its ability to maintain stability above the significant support level of 1.2650, while also making repeated attempts to breach the resistance at 1.2720.
Examining the 4-hour chart, we observe the pair’s stability above the 1.2650 support level, along with the price maintaining its position above the 50-day simple moving average.
Given these factors, our outlook remains positive, with a potential breakthrough above 1.2720 likely leading to further gains towards 1.2760. Subsequent targets include 1.2780 and 1.2810, respectively.
Conversely, if stability below 1.2650 occurs, it may invalidate the bullish scenario, putting downward pressure on the price and targeting a retest of 1.2600 before potential upward movements resume.
Warning: Today’s market may experience heightened volatility due to high-impact economic data releases from the American and Canadian economies, including changes in private non-agricultural sector jobs, job vacancies, and the labor turnover rate, along with testimony from the Federal Reserve Governor.
Stay cautious and monitor price movements closely during these events.
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