GBP consolidates against the dollar 12/6/2023

Positive movements dominated the trading of the British pound against the US dollar within the expected bullish context by last week’s trading, touching the first target 1.2595, recording its highest level at 1.2593.

On the technical side today, and by looking at the 4-hour chart, we find that the simple moving averages continue to support the daily bullish price curve, motivated by the continuation of the clear positive bullish momentum on the 14-day momentum indicator.

From here, with steady intraday trading above 1.2540 and generally above 1.2500, the bullish direction is most likely during the day, targeting 1.2595 and confirming its breach extends the gains, to be waiting for touching 1.2645 as the next waiting station.

Note: Stochastic provides temporary negative signals, and we may witness some fluctuation until we get the official direction for today’s trading session.

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: 1.2540	R1: 1.2595
S2: 1.2500	R2: 1.2645
S3: 1.2370	R3: 1.2720