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The British pound is gaining ground, capitalizing on the U.S. dollar’s weakness to start today’s session with a bullish tone, reaching a high of 1.3077.
From a technical perspective, the 4-hour chart shows that the pair has successfully broken above the key 1.3000 resistance level and held above it during the previous session. This breakout is supported by bullish momentum from the simple moving averages, reinforcing the current upward trend.
As long as price action remains above 1.3000, further upside is likely, with the next target at 1.3125. A break above this level could open the door for additional gains, with 1.3190 as the next resistance to watch.
However, a drop back below 1.3000 could lead to temporary bearish pressure, with a potential retest of the 1.2955 support area before any renewed bullish attempts.
Caution: Key U.S. economic data is due for release today, including Weekly Unemployment Claims and the ISM Services PMI, which may lead to increased market volatility.
Risk Disclaimer: With ongoing global trade tensions and geopolitical uncertainty, the market remains exposed to heightened risk. Traders should be prepared for various possible outcomes.
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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